Over the last eighteen months we’ve experienced unprecedented change, affecting the way we work, communicate and do business with the pandemic forcing businesses to operate in new, agile ways with expectations and habits changing dramatically. But it’s not just SMEs that are repositioning in markets – Hitachi Capital (UK) PLC announced that it’s embarking on a major rebrand, as it sets its sights on rapid expansion.
As part of the rebrand, Hitachi Capital Business Finance, one of the UK’s largest asset finance providers, will rebrand to Novuna Business Finance and Hitachi Capital Invoice Finance, one of the UK’s leading cash flow finance providers, will rebrand to Novuna Business Cash Flow – both by the end of March 2022.
This follows the merger of Hitachi Capital UK’s parent company with Mitsubishi UFJ Lease and Finance Company Limited earlier this year which was a significant move for the business, and means it is now part of one of the world’s largest and most diversified financial groups.
With the size and expertise of its new parent company, Mitsubishi HC Capital Inc., the Novuna rebrand paves the way for the organisation to respond to the huge upheaval SMEs have faced over the last two years and adapt to the new landscape.
Novuna Business Finance
Geoff Maleham, MD of Hitachi Capital Business Finance explained the thinking behind the rebrand. “Novuna comes from the Latin words Novo –New and Una – Together, which captures the essence of our business and how we work together with businesses via our network of introducers to meet their funding requirements.
“Adopting our new brand name represents our outlook as a forward-thinking business, responding to evolving customer expectations by providing innovative solutions, including credit automation for faster decisioning.“
Many businesses delayed investments in plant, machinery and technology during the pandemic. However, as they emerge from the protracted uncertainty caused by the economic impact of the COVID-19 pandemic and Brexit, businesses are ready to invest once again in the latest equipment to remain competitive in global markets.
As the fifth largest asset finance provider in the UK, Hitachi Capital Business Finance has been increasing their market share year on year, accelerating investment in new technology to digitalise its onboarding processes. It’s this digital innovation that is helping Introducers to get instant funding decisions for their clients and delivering the efficiency they demand.
Novuna Business Cash Flow
Effective cash flow management is essential to the successful running of all businesses, but especially for SMEs. Liquidity is frequently an underlying issue, with cash often locked in unpaid invoices.
SMEs can reduce this risk significantly by using a cash flow finance solution, providing a lending facility that flexes in line with the business’ growth, rather than a fixed facility such as a conventional bank loan.
With many businesses now needing to build back better after the pandemic, they need, and expect fast access to finance to support their transition and this is what the business sees as its core strength and will be brought to life with the new brand.
Using FLi, its market-leading digital onboarding platform, Hitachi Capital Invoice Finance already has an established digital capability, providing a competitive advantage for the business.
Digital onboarding provides fast access to up to 90% of the invoice value within hours of the invoice being raised, meaning small businesses can receive an instantaneous cash flow injection. Another benefit of cash flow finance is the flexibility. Soon to be Hitachi Capital Business Cash Flow will also enable SMEs to trial the product before entering into a long-term contract, that way they can evaluate the benefit to their business.
Andy Dodd, MD of Hitachi Capital Invoice Finance outlined the synergy between the new trading style and the business. “As a well-funded, digitally enabled provider with a proven track record in the cashflow finance market, the business is primed for growth as business confidence amongst SMEs improves during the year ahead.
“Through the range of cash flow solutions we’ve built and digital transformation we’ve undertaken, our new trading style will resonate perfectly with current and potential clients, helping us to showcase what makes us so unique in our market.”
With the foundations in place, the rebrand sets scene for the next phase for both businesses, which are firmly rooted in growth, sustainable interests, and an ethos of exceeding customer expectations.
From October, customers can expect to see the Novuna brand being introduced on marketing channels, though the full rebrand won’t take place until March 2022. The products and services currently offered will remain, alongside their regular teams and contacts. But in the longer term, this is far more than a change of name.