Sopra Banking Software and Vero Technologies Announce a Strategic Partnership in the US Market

Sep 26, 2023
Sopra Banking Software

New York, September 26th – Sopra Banking Software (SBS), a leading technology partner for over 1,500 financial institutions worldwide, and Vero Technologies, a pioneering fintech company offering innovative Software-as-a-service (SaaS) and Lending-as-a-Service (LaaS) solutions, are delighted to announce a strategic partnership and mutual Distribution Agreement aimed at serving banks, finance companies, and asset finance business clients in the United States.

This venture will see SBS and Vero Technologies combining their strengths to deliver enhanced software solutions and services to the wholesale finance industry. The partnership will also involve joint efforts in future product development to better cater to the evolving needs of their clients in this expansive market segment.

Both companies bring to the table a wide range of software products, including solutions for underwriting, loan servicing, digital engagement, portfolio management, audit services, and mobile capabilities. By leveraging the strengths of each company, the integrated solution supports every function within a lender’s organization without compromising on performance and compliance. Sopra and Vero’s joint offering also includes interfaces for dealers and their suppliers to easily connect all stakeholders on a single platform.

The partnership between Vero Technologies and SBS is poised to usher in investments in their existing technology sets and the development of entirely new products to meet emerging market demands. This collaborative approach highlights the commitment of both companies to innovation and growth.

“By forming this partnership, Vero Technologies and SBS intend to accelerate growth in the US market and achieve significant scale, while simultaneously maximizing the return on existing technology investments.”

said James Powell, Head of Specialized Finance at Sopra Banking Software.

Vero Technologies provides two distinct customer solutions, namely wholesale finance technology and a complete lending-as-a-service offering. The latter is an innovative business process that enables smaller banks to fully outsource dealer floorplan operations to Vero, allowing them to provide a tailored service to their local dealers.

“This alliance between SBS and Vero Technologies represents a significant step forward in delivering state-of-the-art software solutions for asset-based lending. This partnership is a pivotal moment in the industry as we merge SBS’s proven platform with our cutting-edge digital tools”.

said John Mizzi, CEO of Vero Technologies.

About Vero Technologies

Vero Technologies is a leading provider of wholesale financing solutions for dealers across auto, marine, powersports, agricultural equipment, among other verticals of manufactured goods. Vero partners with banks and specialty finance companies to enable its lending-as-a-service program for dealers of manufactured goods. Its innovative platform offers real-time inventory and financial analytics, advanced risk management capabilities, and streamlined operational processes.

Contact: John Mizzi, [email protected]

About Sopra Banking Software

Sopra Banking Software (SBS) is a global financial technology company that’s helping banks and the financial services industry to reimagine how to operate in an increasingly digital world. SBS is a trusted partner of more than 1,500 financial institutions and large-scale lenders in 80 countries worldwide, including Santander, Societé Generale, KCB Bank, Kensington Mortgages, Mercedes-Benz, and Toyota. Its cloud platform offers clients a composable architecture to digitize operations, ranging from banking, lending, compliance, to payments, and consumer and asset finance. With 5,000 employees in 50 offices, SBS is recognized as a Top 10 European Fintech company by IDC and as a leader in Omdia’s Universe: Digital Banking Platforms. SBS is a subsidiary of European digital consulting leader Sopra Steria (EPA: SOP), a 50,000-person company that generates annual revenue of approximately €5.1 billion. SBS is headquartered in Paris, France.

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Contact: Anton Golovchenko, +33 (0)6 31 89 07 60; [email protected]