Leading UK finance provider becomes Novuna today following merger of two global financial firms

Today marks the start of a new era for one of the UK’s leading financial services companies, as Hitachi Capital (UK) PLC becomes Mitsubishi HC Capital UK PLC, trading in market as Novuna in the UK and as Mitsubishi HC Capital group in Europe.

The company, which employs over 1,600 and manages more than £6.3bn of net earning assets for over 1.3 million customers, is now part of one of the world’s largest and most diversified financial groups, comprising over £60bn of assets.

The launch of the Novuna brand was first announced in September 2021 as a trading style of the newly formed company Mitsubishi HC Capital UK PLC. The formation of the new company follows the merger in April 2021 of its parent company Hitachi Capital Corporation with Mitsubishi UFJ Lease & Finance Company Limited, creating the new parent Mitsubishi HC Capital Inc.

From today, each of Mitsubishi HC Capital UK’s business divisions will operate under the new trading style of Novuna, which means ‘new together’. These include: Novuna Vehicle Solutions, Novuna Consumer Finance, Novuna Business Finance and Novuna Business Cash Flow (previously Invoice Finance). In addition, Novuna Personal Finance, the loans channel of Novuna Consumer Finance, replaces the Hitachi Personal Finance brand.

The European division will adopt the Mitsubishi HC Capital trading style as Mitsubishi HC Capital UK and Mitsubishi HC Capital Europe.

The rebrand marks the business’ evolution from its manufacturing-based heritage to a new global financial powerhouse, operating as part of one of the world’s largest and most diversified groups, with the scale and expertise to drive change for business partners and consumers as one of the most trusted financial services brands in the UK and Europe.

As the business embarks on this new era, major priorities include large-scale digitisation of products and increasing levels of automation to enhance customer experiences for individuals and corporates. These measures will help the business to continue leading the change in financing the electric vehicle transition, fuelling sustainable innovations and applications in the energy industry, and funding future growth in every corner of society.

Marking the launch, Robert Gordon, CEO, Mitsubishi HC Capital UK PLC, said: “More than 1.3 million customers across the UK have come to trust and rely on the Hitachi Capital brand to fund the growth of their businesses, their fleets, and give a boost to their personal finances. As we set out on this exciting new era together under the Novuna umbrella, we will not be departing from the core values that have served us so well for the past 40 years.

“At a time when the hopes and expectations of businesses and consumers are evolving at pace, it is important that we present a bold, ambitious, and authentic image to our current and future customers. Our brand reflects our mission to unlock the potential of individuals, businesses and society by delivering innovative solutions and outstanding customer experiences.”