Bluestone Group
A British financial-services and technology group with activities in consumer finance, credit management and lending software.
Last updated November 4, 2026
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Overview
Bluestone Group is a British financial-services and technology business headquartered in Cambridge, England. Its present-day activities are centered on financial technology and investment holding following the disposal of most of its lending and servicing businesses. The group's principal operating businesses include Fignum, a provider of cloud-based loan-origination and servicing software, and Bluestone Consumer Finance, a credit-management and consumer-finance business. The group was founded in Australia in 2000 by Alistair Jeffery, an investment banker who had previously worked at Goldman Sachs and Nomura Securities in London. It began as a specialist residential mortgage lender, settling its first loan in December 2000. During its Australian expansion, Bluestone added commercial and reverse-mortgage products, built an internal servicing operation and became an active issuer in the residential mortgage-backed securities market. Between 2002 and 2008 it completed 17 securitisations totaling more than A$4.5 billion, using warehouse facilities and capital-markets funding from institutions including Nomura, Barclays and Westpac. Bluestone's growth accelerated during the first half of the 2000s. It originated approximately A$100 million of new loans in 2002, was ranked first in the 2004 BRW Fast 100, and expanded its loan book across residential, commercial and reverse-mortgage products. The company also developed Bluestone Servicing, bringing loan administration in-house in 2007 after previously relying on an external provider. Its servicing platform later received external ratings from Standard & Poor's and Fitch Ratings. The global financial crisis disrupted the funding model on which many non-bank lenders depended. As the Australian and New Zealand mortgage-backed securities markets weakened from 2007 and effectively closed in early 2008, Bluestone reduced its reliance on new origination and broadened its focus toward servicing, capital management and European operations. It established a UK office in Cambridge in 2009, acquired Close Credit Management from Close Brothers in 2011, and entered Ireland through an asset-finance portfolio transaction with Värde Partners. The group's ownership and corporate structure changed during the recovery period. In 2014, Lloyds Development Capital acquired approximately half of the company from existing shareholders, joining Macquarie Bank as a major institutional investor. The group resumed residential mortgage lending in Australia in 2013 and developed Irish lending activities in auto and equipment finance. In 2015, the UK holding structure was reorganized, and in December 2022 Bluestone Consolidated Holdings Limited changed its name to Bluestone Investment Holdings Limited and adopted investment-holding-company accounting status. Bluestone subsequently exited much of its original Australasian operating footprint. In 2018 it sold its mortgage-lending and portfolio-servicing operations in Australia, New Zealand and the Philippines to an affiliate of Cerberus Capital Management. The transaction was followed by a share buy-back involving Lloyds Development Capital, while management and Macquarie Bank remained significant shareholders. In 2023, Bluestone Mortgages was sold to Shawbrook Bank and Bluestone Motor Finance in Ireland was sold to Close Brothers. These transactions left the group more focused on investment holdings, consumer finance and technology than on direct loan origination. Fignum represents the technology heritage of the group. Incorporated in 2019 from Bluestone's internal information-technology team, it commercializes software originally developed for the group's mortgage, motor-finance and consumer-finance operations. Its Evolve Suite includes Origin, for loan origination and underwriting, and Adapt, for loan servicing. Thrive, a debt-management and collections product, has been under development. Bluestone's current profile is therefore that of a privately held UK financial-services and technology group with a long history in specialist lending, securitisation, credit servicing and financial-software development.
History
Bluestone Group was established in Australia in 2000 as a specialist residential mortgage lender. Its founder, Alistair Jeffery, had worked as an investment banker at Goldman Sachs and Nomura Securities in London. The business settled its first loan in December 2000 and wrote approximately A$50 million of residential loans during its first full year of operation. Early funding came from private investors, RMB Ventures, Crescent Capital, the Liberman family and ABN AMRO, while Nomura International provided a substantial warehouse facility for loan origination. From 2002 to 2006, Bluestone expanded rapidly. It completed its first securitisation, Sapphire I, in May 2002, and loan volumes grew strongly over the following years. The company broadened its offering beyond standard residential mortgages, adding small-ticket commercial lending in 2004 and developing reverse-mortgage products. In 2004 it topped the BRW Fast 100 ranking of Australia's fastest-growing private businesses. A 2005 ownership transaction valued the business at approximately A$150 million and brought ABN AMRO and Cambridge Place into the shareholder group. Bluestone also moved beyond loan origination. It established Bluestone Servicing in 2006 and brought the day-to-day administration of its loan portfolio in-house in early 2007. Before that change, servicing had been outsourced to AMS, a General Electric subsidiary. The internal platform increased revenue and diversified the company away from a pure originate-and-securitise model. Bluestone Servicing later received an Above Average servicer rating from Standard & Poor's and a Special Servicer rating from Fitch Ratings. The company's funding model relied on short-term warehouse lines that were periodically refinanced through securitisation. Between 2002 and February 2008, Bluestone completed 17 securitisations totaling more than A$4.5 billion. These included the Sapphire residential-mortgage series in Australia and New Zealand and the Emerald transactions involving Australian reverse mortgages. Bluestone was an early Australian issuer to obtain ratings from all three major rating agencies and sold mortgage-backed bonds to investors across Australasia, Asia and Europe. The global credit crisis placed severe pressure on this model. Mortgage-backed securities markets weakened from mid-2007 and effectively closed in early 2008. Bluestone was among the last non-bank lenders in Australia and New Zealand to access the debt markets without government support, placing approximately A$650 million of mortgage-backed bonds during the deterioration. As structured-credit markets and equity markets came under pressure, the group shifted toward servicing, asset management and international operations. In March 2009, Bluestone opened a UK office in Cambridge. In 2011 it acquired Close Credit Management from Close Brothers and renamed the business Bluestone Credit Management. The acquisition added a substantial managed-account portfolio and expanded Bluestone's European workforce. Later that year, Bluestone and Värde Partners acquired an asset-finance portfolio from Bank of Scotland (Ireland). Bluestone initially concentrated on servicing the acquired assets and subsequently launched Irish asset-finance lending. The group's capital structure changed again in 2014, when Lloyds Development Capital acquired approximately 50 percent of the shares from existing investors and joined Macquarie Bank as a major institutional shareholder. Bluestone resumed residential lending in Australia in 2013 using warehouse funding from Macquarie and began lending in Irish auto and equipment finance in 2014. The UK holding structure was reorganized in 2015, and the holding company was renamed Bluestone Investment Holdings Limited in December 2022. A major strategic retrenchment occurred in 2018, when Bluestone sold its Australasian mortgage-lending and portfolio-servicing operations in Australia, New Zealand and the Philippines to an affiliate of Cerberus Capital Management. The sale covered businesses that had originated more than A$6 billion of loans and completed more than 24 Australian securitisations. Proceeds were used in part to buy back shares held by Lloyds Development Capital. The group subsequently focused more heavily on European operations, investments and technology. Bluestone commercialized its internal technology capability through Fignum, incorporated in April 2019. Fignum developed the Evolve Suite, including Origin for loan origination and underwriting and Adapt for loan servicing. In 2023, Bluestone sold Bluestone Mortgages to Shawbrook Bank and Bluestone Motor Finance in Ireland to Close Brothers. The transactions further reduced the group's direct lending footprint while preserving commercial technology relationships between Fignum and the divested businesses. The current group is a UK-based investment holding and financial-services business with operations in financial technology, credit management and consumer finance. Its recent financial profile reflects investment valuation movements as well as operating activity. For the year ended 30 June 2025, Bluestone Investment Holdings reported a loss of £11.1 million and total assets of £20.0 million, while Fignum reported £5.09 million in revenue and a £1.70 million loss after tax.
- 2023
Two lending businesses divested
[1]Bluestone Mortgages is sold to Shawbrook Bank and Bluestone Motor Finance Ireland is sold to Close Brothers.
- 2022
Holding company renamed
[1]Bluestone Consolidated Holdings Limited changes its name to Bluestone Investment Holdings Limited.
- 2019
Fignum incorporated
[1]Bluestone establishes Fignum to commercialize its internally developed lending and servicing software.
- 2018
Australasian operations sold
[1]The mortgage-lending and servicing businesses in Australia, New Zealand and the Philippines are sold to a Cerberus affiliate.
- 2014
Lloyds Development Capital invests
[1]Lloyds Development Capital acquires approximately half of the group's shares.
- 2013
Australian residential lending resumes
[1]Bluestone restarts residential mortgage origination in Australia with warehouse funding from Macquarie Bank.
- 2011
Close Credit Management acquired
[1]Bluestone purchases the Sheffield-based credit-management business from Close Brothers.
- 2009
UK expansion begins
[1]Bluestone opens an office in Cambridge to develop European capital-management and servicing activities.
- 2007
Loan servicing brought in-house
[1]Bluestone acquires and internalizes servicing activities previously outsourced to AMS.
- 2004
Commercial lending added
[1]The group adds a small-ticket commercial lending product for self-employed and small-business borrowers.
Products and positioning
A specialist financial-services and technology group combining investment holdings, consumer finance, credit management and software for lenders.
Financial-technology software suite
Fignum Evolve Suite
Fignum's Evolve Suite is a cloud-based software range for lenders and finance businesses. It originated from systems developed for Bluestone's own mortgage, motor-finance and consumer-finance operations. The suite is intended to support lending workflows across origination, underwriting, servicing and potentially collections, allowing lenders to manage multiple stages of the credit lifecycle through specialized applications.
Loan origination and underwriting software
Fignum Origin
Origin is Fignum's loan-origination and underwriting system. It is designed to support the intake, assessment and processing of credit applications, drawing on technology originally used in Bluestone's lending businesses. The product forms the front end of the Evolve Suite's lending workflow and is marketed to external lenders as well as being connected to Bluestone's operating heritage.
Loan-servicing software
Fignum Adapt
Adapt is a cloud-based loan-servicing platform for managing accounts after origination. Its functions are associated with the ongoing administration of lending portfolios and are intended to support lenders that need configurable servicing infrastructure. In 2026, Fignum agreed to develop Adapt for Close Brothers Motor Finance and integrate it with an existing Fignum platform used by that lender.
Consumer finance and credit management
Bluestone Consumer Finance
Bluestone Consumer Finance is part of the group's current financial-services operations. The business is associated with consumer finance and credit management, extending Bluestone's historical expertise in lending administration, account servicing and collections. Public reference material does not provide a complete current catalogue of its consumer-finance products.
Loan servicing · 2006
Bluestone Servicing
Bluestone Servicing was established to administer the group's mortgage and other lending portfolios. The operation brought servicing in-house in 2007 after administration had been outsourced, helping diversify Bluestone beyond loan origination and securitisation. It later received external servicing assessments from Standard & Poor's and Fitch Ratings.
Brand decisions
2023
Divest Bluestone Mortgages and Bluestone Motor FinanceM&ABackground
Bluestone continued to simplify its operating portfolio after the 2018 sale of its Australasian businesses.
Action taken
Bluestone Mortgages was sold to Shawbrook Bank, while Bluestone Motor Finance in Ireland was sold to Close Brothers.
Aftermath
The transactions reduced direct lending operations and left the group more focused on technology, consumer finance, credit management and investments.
Consideration for Bluestone Mortgages. £44.7 million total consideration reported by Shawbrook (Transaction completed 31 May 2023)
2019
Commercialize internal lending technologyStrategyBackground
Bluestone had developed software to support its own mortgage, motor-finance and consumer-finance activities.
Action taken
The group incorporated Fignum to sell the technology externally as a cloud-based software-as-a-service offering.
Aftermath
Fignum became a distinct technology business offering the Evolve Suite, including Origin and Adapt.
2018
Sell Australasian mortgage and servicing operationsM&ABackground
Bluestone decided to reduce its exposure to the Australasian lending and portfolio-servicing businesses that had formed the foundation of the group.
Action taken
The group agreed to sell operations in Australia, New Zealand and the Philippines to an affiliate of Cerberus Capital Management.
Aftermath
Bluestone became more concentrated in European operations, investment holdings and financial technology. Proceeds also supported the repurchase and cancellation of shares held by Lloyds Development Capital.
2007
Internalize loan servicingStrategyBackground
Bluestone had been outsourcing day-to-day administration of its expanding loan portfolio to AMS, a General Electric subsidiary.
Action taken
The group brought servicing activities in-house through Bluestone Servicing.
Aftermath
The move increased gross revenue and reduced the group's dependence on an originate-and-securitise business model.
Recent events
- 2026
Fignum agrees to develop Adapt for Close Brothers Motor Finance[1]
Product launch · Other
Fignum agreed to develop its Adapt loan-servicing platform for Close Brothers Motor Finance and integrate it with an existing platform used by the lender.
- 2025
Fignum reports lower revenue and a larger loss[1]
Other
For the year ended 30 June 2025, Fignum reported revenue of £5.09 million and a loss after tax of £1.70 million, according to the reference material.
- 2025
Bluestone Investment Holdings reports an investment-related loss[1]
Other
For the year ended 30 June 2025, Bluestone Investment Holdings reported a loss of £11.1 million, principally associated with a reduction in the fair value of investments.
- 2023
Bluestone Mortgages is acquired by Shawbrook Bank[2]
M&A
Shawbrook Bank agreed to acquire Bluestone Mortgages in a cash-and-share transaction. Completion followed regulatory approval on 31 May 2023.
- 2023
Bluestone Motor Finance Ireland is acquired by Close Brothers[1]
M&A
Close Brothers acquired Bluestone Motor Finance in Ireland, which was subsequently rebranded as Close Brothers Motor Finance.
- 2019
Bluestone creates Fignum as a financial-technology business[1]
Product launch
Fignum was incorporated to commercialize software developed for Bluestone's mortgage, motor-finance and consumer-finance operations.
- 2018
Bluestone sells its Australasian operations[1]
M&A
Bluestone agreed to sell its mortgage-lending and portfolio-servicing businesses in Australia, New Zealand and the Philippines to an affiliate of Cerberus Capital Management. The transaction was reported as completed in April 2018.
- 2014
Lloyds Development Capital acquires approximately half of Bluestone[1]
M&A
Lloyds Development Capital became a major institutional shareholder, joining Macquarie Bank as an important investor in the group.
- 2011
Bluestone acquires Close Credit Management[1]
M&A
The group acquired the Sheffield-based credit-management business from Close Brothers and renamed it Bluestone Credit Management.
- 2011
Bluestone establishes Irish asset-finance operations[1]
M&A
Bluestone and Värde Partners acquired an asset-finance portfolio from Bank of Scotland (Ireland), creating the basis for Bluestone's Irish servicing and later lending activities.
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