Can you tell us about the origins of Phoebus?
Pike: In 1989 it was built to run a core banking platform for a bank in London, called Heritable Bank — a multi-currency, multi-product bank.
Products included asset finance, commercial finance, bridging, commercial and first charge. It was a complex banking model.
The guys who developed it decided to sell it as a banking platform. They made Heritable the first client so they could take it out and sell it around the world. And that’s when Phoebus Software was born.
We’re ahead of where we think most of our competitors are but we’re not going to rest on our laurels
It’s evolved to focus on specialists, such as challenger banks and specialist clients. Since I started in 2011, assets serviced by Phoebus have grown from £5bn to £120bn.
Richard, what made Adam the right choice to take over as managing director last July?
We hired Adam in 2019 as we needed a head of client management so we could become more corporate.
Over five years Adam has done a brilliant job and we knew it was time for him to take on the big role.
Adam, what were some of your observations of the business when you joined, and what are your ambitions as MD?
It’s a very family-orientated, privately owned, modest-sized business that never looked at itself as a tech provider. Its strength was always its people.
We support STEM learning activity in schools and universities across the Midlands
As the world evolves, people still want to do business with people. The tech has to be great but people still want human interaction. The people-first approach is something I want to maintain.
Equally, we want to change that to have a bit more structure and take more of a structural, commercial and corporate approach, with a bit more discipline around that. It doesn’t detract from having a personable approach.
When we started, we gave clients their version of the software; developed it how they wanted it, so they all had their own version. As you mature, you realise that’s not sustainable; it’s costly for clients and for us.
We’re a family-orientated, modest-sized tech provider
From 2019, when we sit down with people, our product speaks for itself. Our first challenge is getting an invitation to the party and, once in the door, we back ourselves.
We’re ahead of where we think most of our competitors are but we’re not going to rest on our laurels. It’s about evolution, not revolution.
What has been the biggest hurdle?
Pike: We haven’t had ridiculously tough times, just ups and downs. During Covid, we worked exceptionally hard as a management team to make sure we didn’t have to let anyone go.
People still want human interaction. The people-first approach is something I want to maintain
Oldfield: We could have furloughed staff but we doubled down on product capability and development. That foresight is bearing fruit. We stayed true to where we thought the market would be when it came back.
We stick to what we know and are good at, which is servicing for loans, savings and deposits.
Are you looking at new markets?
We have a foothold in most types of institutions we target in the UK and Ireland.
However, the building society sector is a massive focus. The sector is changing; there are many new chief executives who are driving change, including more females, which is hugely positive.
Phoebus is as much about giving something back as it is about providing a great service
From a technology perspective, many building societies have fallen behind and are having to evolve. For them, it’s about having the right channels to attract new members but maintaining a more mature and ageing demographic. We are looking at how we can help this subset to exist, thrive and grow.
What is your approach to ESG?
Pike: Phoebus has been carbon neutral for 14 years. We’re moving to carbon net zero.
We joined an offsetting scheme to counteract our carbon footprint completely, partly by building efficient stoves for families in Kenya to replace fuel-intensive open fires and reduce firewood needed by over 50%.
During Covid, we worked exceptionally hard to make sure we didn’t have to let anyone go
Other initiatives include using recycled single-use cups, removing 80% of all waste, acquiring only the most energy-efficient equipment, limiting printing and using motion-sensitive lighting. Staff are encouraged to participate in a cycle-to-work scheme and we have installed bike sheds and locks.
We have a nominated charity every year and support soup kitchens in the UK.
We also support STEM learning activity in schools and universities across the Midlands.
Phoebus is as much about giving something back as it is about providing a great service.
Adam Oldfield is Phoebus managing director and Richard Pike is Phoebus chief sales and marketing officer
This article featured in the April 2025 edition of Mortgage Strategy.
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