Mambu Teams Up with Softtek to Launch Banking Platform as a Service

Just one month after signing a deal with fellow Finovate alum Kreditech that will support the Germany-based lender’s entry to the Indian market, Mambu is back in the headlines with a partnership with Mexican systems integrator Softtek. Via the agreement, Softtek will launch a banking platform as a service (BPaaS) solution that will give the firm the ability to deliver a variety of SaaS and local apps and technologies from multiple vendors from a singular, cloud-based, API-enabled platform – powered by Mambu.

“New entrants are using digital technology to meet changing customer expectations as well as reach the large underbanked sector,” MD for Mambu Americas, Edgardo Torres-Caballero explained. “To succeed, competitors must emulate the operating models of these disruptors and develop the flexibility and speed to market necessary to meet market demands.”

“BPaaS is the optimal model to meet this objective,” Torres-Caballero said.

Noting that the collaboration will give clients “the best of both companies,” Softtek Mexico CEO Carlos Funes said, “Powered by the global leading SaaS banking engine Mambu, which provides advanced capabilities and the agility demanded by the financial sector, we have combined this with Softtek’s experience and knowledge of this industry in Mexico in order to provide a complete offering which will help accelerate the transition of our customers to the digital economy without disrupting their existing business.” The company’s VP of Financial Sector, Jose Luis Sanchez added that there were “more than 3,000” FIs in Mexico that could “potentially benefit” from this partnership.

“With a 100% digital platform that is flexible, scalable, and agile, it will enable these institutions to provide innovative cloud-first banking services and credit to its customers in the consumer and corporate market,” Sanchez said.

Mambu demonstrated its cloud-based banking engine at FinovateAsia 2013. The company ended 2017 announcing a partnership with Argentina-based fintech Wenance, which will use Mambu’s technology to fuel its expansion into Latin America. In October, ABM Amro’s New10 choose Mambu’s SaaS engine to power its line of SME lending products in the Netherlands, and in September, German challenger bank N26 reported that it too would deploy Mambu’s platform to support current accounts, overdraft, and loan products.

With more than $13 million in funding, Mambu includes Acton Capital Partners and CommerzVentures among its investors. Eugene Danilkis is co-founder and CEO.

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Kreditech Leverages Mambu’s Banking Technology for Expansion to Indian Market

Kreditech has selected Mambu’s Software-as-a-Service (SaaS) banking engine for its push into India’s lending market, reports Antony Peyton of Banking Technology (Finovate’s sister publication.)

The firm currently operates in Europe and Latin America and said it will expand into the sub-continent in early 2018, together with its partner PayU, a payments provider and a Mambu client in Latin America.

The engine will let Kreditech launch a short-term lending product tailored to local consumer and regulatory needs.

Alexander Graubner-Müller, CEO of Kreditech, said by using “alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge” – and it offers them “access to loans and thereby help them to gain economic independence”.

He added that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.

The loan product is expected to go live in the first quarter of 2018, all data will be hosted by Amazon Web Services (AWS) India.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than five markets, including Russia, Mexico, Spain and Poland. Up until now, the company says it has processed more than five million loan applications through its subsidiaries. Kreditech demonstrated its the effectiveness of its Kreditech algorithm that assesses client creditworthiness in less than a minute at FinovateSpring 2014.

A FinovateAsia alum, Mambu demonstrated its native cloud Saas banking application at our Singapore conference in 2013. Based in Berlin and founded in 2011, Mambu has forged partnerships with a number of FIs and fintechs in recent months including a deal with ABN Amro’s new fintech firm, New10 in October, and a deployment with German challenger bank, N26 announced in September.

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ABN Amro’s New10 Chooses Mambu to Power SME Lending

New10, ABN Amro’s newly launched fintech firm, has selected Mambu’s Software-as-a-Service (SaaS) engine to power a range of SME lending products in the Netherlands, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Like many start-ups, speed is part of the sales pitch, and New10 said it aims to provide credit decisions for SMEs within 15 minutes and offers a fully digital application process. In fact, ABN Amro pointed out that New10 went from concept to launch within ten months. Perhaps that’s why it’s called New10 and not New15.

Mark Schröder, co-founder and commercial director of New10, said it combines “the best of two worlds – the characteristics of a fintech with ABN Amro’s financial knowledge and resources”.

Jaap Boersma, CTO of New10, added that Mambu was selected as it offers “scalability, flexibility and speed to market at a fraction of the cost of traditional core systems”.

According to Mambu, it took a collaborative approach working with the New10 team in order to complete implementation within four months. In a “highly regulated environment”, Mambu’s partnership with Amazon Web Services (AWS), which has received Dutch regulatory approval, “helped smooth the path to market”.

Mambu was launched in 2011, and says its technology powers over 5,000 loan and deposit products for over four million end customers. It has 180 live operations in 45 countries, ranging from fintech firms to “traditional banks”. The company demonstrated its native, cloud-based, SaaS banking technology at FinovateAsia 2013 in Singapore.

German Challenger Bank N26 Deploys Banking Technology from Mambu

Mambu has gone on the record about its core banking software project at N26, a German-based challenger bank, reports Tanya Andreasyan of Banking Technology (Finovate’s sister publication).

N26 is using Mambu’s flagship core system, provided on a Software-as-a-Service (SaaS) basis. The vendor said it enables the mobile-only bank “to integrate systems and quickly bring services to market in support of its growth strategy”.

N26 migrated to Mambu’s platform once it obtained its own banking licence late last year. Prior to that, it had been relying on a partner bank.

The bank’s customer base has recently reached 500,000 across Europe.

According to Gino Cordt, CTO of N26, the new platform resulted in a “drastic” decrease of the bank’s operating costs and minimising the IT resource requirements.

Cordt also complimented Mambu’s “ease of integration, flexibility and time to market”.

Mambu’s core banking system supports current accounts, overdraft and loan products at N26.

Eugene Danilkis, co-founder and CEO of Mambu, praised N26, saying “By putting customer experience at the centre of their strategy, they have created an app which gives their customers a truly simple banking experience.

“This is a great example of how retail banking can be redesigned in the 21st century.”

Mambu demonstrated its technology at FinovateAsia 2013 in Singapore. Headquartered in Berlin, the company has raised more than $13 million in funding, and includes Action Capital Partners and CommerzVentures GmbH among its investors.

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