A new entity, MotoNovo Finance Limited (“MotoNovo Finance”), was established under Aldermore. On 4 May 2019, in addition to all of the employees of MotoNovo transferring to this new company, certain trading assets and liabilities, along with the balance of dealer financing, were acquired by MotoNovo Finance from the London branch of FirstRand Bank Limited. Capital to support the first 15 months of trading was injected by the FirstRand Group into Aldermore Group. On 5 May 2019, MotoNovo Finance began trading as part of the Aldermore Group with all new MotoNovo Finance lending from this date funded via a liquidity facility with Aldermore Bank and reported as part of the Aldermore Group financial results.
Aldermore Bank provides financing to support UK small and medium sized enterprises (“SMEs”), and supports investors and home-buyers with mortgage finance, while offering a dynamic online savings proposition. We serve our customers and intermediary partners online, by phone, and face to face through eight offices in the UK.
MotoNovo Finance, based in Cardiff, helps UK consumers by bringing straight forward finance to people looking to buy their next car, van or motorcycle.
Aldermore’s DNA is built around helping our customers to seize opportunities by being reliable, expert, dynamic and straightforward in everything that we do. Culturally, MotoNovo is a strong fit, with a closely aligned approach in providing straight forward products and keeping the customer at the core of everything it does, which gives us confidence for our joint future.
Established in 2009, Aldermore Group has grown significantly. In March 2018, Aldermore Group became part of FirstRand Group, the largest financial services group in Africa by market capitalisation. At the end of June 2019, Aldermore Group lending to customers stood at £10.6 bn.
For more information, please visit www.aldermore.co.uk.
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Aldermore Bank PLC and MotoNovo Finance Limited are operating entities of Aldermore Group PLC.
Aldermore Group PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.