by Dennis Seid/NEMS Daily Journal
OXFORD – Expanding internationally for the first time, mortgage technology company FNC is partnering with a Brazilian firm.
The move, announced Tuesday, will add 100 jobs in the next 12 to 18 months to FNC’s headquarters in Oxford.
FNC, whose software is used by seven of the top 10 largest U.S. banks to evaluate mortgage applications, will convert its technology for Cetip for use in the Brazilian mortgage industry.
Cetip is Latin America’s largest depository of fixed-income securities.
“They run the bond exchange for Brazil,” said FNC CEO Bill Rayburn, nothing that Brazil is the world’s sixth-largest economy. “There are about 1 million private mortgages a year versus 10 million in the U.S. There’s lots of growth in Brazil.”
Cetip also reads the country’s automobile exchanges, giving the company a monopoly.
“We’ll provide software to process applications for the banks in Brazil,” Rayburn said. “We’ll develop a national database. We think this is a long-term relationship – 15, 20, 30 years. … that will maybe double the size of this company.”
Financial details of the deal were not disclosed.
Privately held FNC employs 310 people. Most work in Oxford, but the company also has satellite offices in New York, Dallas and southern California.
Since July, the company has hired 28 people and is looking for more.
Rayburn said FNC wants “dedicated and motivated” employees in science, technology, engineering and mathematics.
“We pay very well,” he said, indicating employee salaries are comparable to those in Silicon Valley.
“We want this to be the next Austin, Texas,” he said.
Attending the announcement, Gov. Phil Bryant lauded the FNC-Ceptip deal.
“As we expand our relationship and partnership in Latin America, often Brazil is seen as the driver,” he said. “FNC is treading new ground. …this partnership is testament to the dedication and hard work of Bill and his team.”
FNC processes about 600,000 evaluations a month in the U.S., and Rayburn expects the company’s entry into Brazil will lead to a “significant increase in employees, revenues and profits” for the company.