Novuna Business Finance has completed its rebrand from Hitachi Capital Business Finance which it first unveiled at the end of 2021.
The rebrand comes at the same time as the company changes its name from Hitachi Capital (UK) Plc to Mitsubishi HC Capital UK Plc, following the merger last year of its parent company, making it part of Mitsubishi HC Capital Inc.
The launch coincides with the adoption of Alfa‘s operating system for digital funding and ‘decisioning’ technology for brokers and vendors.
Novuna Business Finance, the UK’s fifth-largest asset finance provider with an asset portfolio of over £1.5bn, is also upgrading its existing Mercury system for front-end users which are linked to new auto underwriting and tolerance rules and will allow the business to make more informed and faster funding decisions, the business said.
Geoff Maleham, managing director of Novuna Business Finance, said: “Our enhanced digitally-led application processes ensure better credit decisions for brokers and vendors whilst leveraging the funding capability of our new multi-national parent company.”
Each of the other business divisions of Mitsubishi HC Capital Inc. will now also operate under the Novuna trading style, including Novuna Vehicle Solutions, Novuna Consumer Finance, and Novuna Business Cash Flow (previously Invoice Finance).
Novuna Business Cash Flow expects to provide funding lines above £10m for larger corporate customers as well as providing a cash flow solution for SMEs.
The European division has adopted the Mitsubishi HC Capital trading style as part of its collaboration with the parent company, Mitsubishi HC Capital Inc.