You know what kids love these days? Microfinance.
At least that’s true of the kids at Yale University’s student-run micro finance program, the Elmseed Enterprise Fund. The fund supports local entrepreneurs with advice and micro loans. In 2013, the program provided consulting for 38 clients and provided more than $13,000 in loans to five.
The student volunteers at Elmseed also love a good deal when they see one. And when they went looking for a better way to handle their customer data., the solution they found was Mambu.
Fund CEO Jadon Montero said, “Mambu’s platform will help us manage our client information better, which means our volunteer advisors can spend more time helping clients and less time worrying about the paperwork.”
The Elmseed Enterprise Fund was founded in 2001 with an award of $10,000 from a contest held by the Yale Entrepreneurial Society. As part of the arrangement with Mambu, the Fund will deploy the company’s Software-as-a-Service platform and receive a service credit of $100,000.
CEO and co-founder of Mambu, Eugene Danilkis said, “Programs such as Elmseed Enterprise give the next generation of micro finance professionals the opportunity to develop their skills and give something back to their local community at the same time.”
Working with micro finance organizations is nothing new for Mambu. The company recently announced a partnership with Mexican micro-lender Kueski, following up on a September deployment with another micro lender from the area, CrediPeso. Mambu is a member of the SEEP Network, a global network of more than 100 international practitioner organizations focused on alleviating poverty through financial inclusion.
Mambu demoes its native, cloud-based, SaaS banking application at FinovateAsia last November. See the technology at work here.