SaaScada renews partnership with NEXA for financial reporting

By Gloria Methri

SaaScada has renewed its partnership with residential property development funding platform NEXA to automate accurate and timely financial reporting.

NEXA’s lending platform connects building societies with independent residential property developers to ensure that borrowers secure funding at a fair price.

It provides a full service to lenders and borrowers, helping to package each proposal through sourcing the deals, credit assessment, support with legal documentation, valuations, financial transactions and investment reporting. However, the manual effort needed for reporting was becoming a drain on the small start-up team and introducing the potential risk of human error.

As an existing customer, NEXA adapted the SaaScada core banking platform to automate the delivery of all financial information and reporting to building societies.

“Housing is a big issue in the UK. But it can be hard for smaller developers to get the money they need from traditional lenders, which can act as a chokepoint in the industry,” said Mark Williams, Chief Operating Officer and Head of Credit Risk at NEXA. “We just want to help more people build homes. By providing this matchmaking service, we are streamlining the process from cradle to grave, making it as easy as possible for both our lenders and borrowers. A big part of this responsibility is financial reporting.”

NEXA originally intended to use the SaaScada platform to create a lending platform that would connect individual investors with property developers. However, shifts in the regulatory landscape meant it needed to pivot its business model.

Nelson Wootton, Co-Founder and CEO of SaaScada, said, “NEXA was one of the first businesses we worked with, and it’s been great to see how far they have come. The team has a genuine drive to do good and to support their lenders in getting the best deals possible. We’ve loved working with the NEXA team to ensure our technology delivers on their exacting requirements and we are all proud of where we have got to. We look forward to seeing NEXA continue to grow and prosper.”