Finovate Alumni News

On Finovate.com

  • NIIT Technologies to Acquire WHISHWORKS IT Consulting.
  • How Flywire Uses Machine Learning.

Around the web

  • NetGuardians partners with the University of Applied Sciences and Arts in Western Switzerland to improve ML and AI software for financial fraud detection and prevention.
  • Brewin Dolphin, one of the U.K.’s largest wealth managers, selects Avaloq’s software as a service solution for its back office infrastructure.
  • The Paypers: Worldline rolls out payment solution for online marketplaces.
  • Payjo relaunches as Interface.ai with a new interface, a new brand, and a platform for intelligent virtual assistants.
  • TurnKey Lender receives accreditation from the Singapore government’s IMDA, a certification that enables companies to expand into international markets easier.
  • Mambu to open a second North American-based office this year.
  • Authority Magazine interviews Ed O’Brien, CEO of eMoney Advisor.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Vymo Launches in Vietnam; ZagTrader Helps FIs Go Crypto

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Middle East and Northern Africa

  • ZagTrader and BeQuant team Up to help institutions go crypto.
  • Temenos partners with Saudi Arabia’s Al Rajhi bank.
  • Emirates NBD to work with Intellect Design Arena for a planned digital transformation of its transaction banking platform.

Central and South Asia

  • BankBazaar announces partnership with Ujjivan Small Finance Bank for Personal Loans.
  • Victoria Commercial Bank Kenya goes live with corporate banking technology powered by i-exceed’s Appzillon.
  • Aurora interviews Bernhard Klemen, international partner with venture capital fund Sarmayacar on opportunities for venture financing for Pakistani fintech startups.

Latin America and the Caribbean

  • German challenger bank N26 announces plans to expand to Brazil.
  • BBVA Colombia looks at its role in helping promote fintech innovation in Peru. In Spanish.
  • FXCompared profiles Argentina-based PayPal rival, MercadoLibre.

Asia-Pacific

  • Leading Vietnam-based consumer finance firm, FE Credit, chooses Vymo’s AI-powered personal sales assistant.
  • Bambu and CredoLab earn spots on Fintech News Singapore’s 29 Hottest Fintechs in Singapore 2019 roster.
  • Accenture and nCino partner to better serve FIs in the Asia-Pacific and EMEA regions.

Sub-Saharan Africa

  • Tymebank goes live with core banking tech from Mambu.
  • Nigerian digital banking solution provider TeamApt raises $5.5 million in funding.
  • South Africa’s Standard Bank to launch private cloud-based distributed ledger platform for payments and settlement.

Central and Eastern Europe

  • Russia’s Tinkoff Bank joins the country’s Faster Payments System.
  • Ukraine finishes its pilot project, begun in December, in support of its national digital currency, the e-hryvnia.
  • UK-based Rimilia and Association of Credit for Central and Eastern Europe to promote adoption of AI-based technologies to automate AR in the CEE region.

Top image designed by Freepik

Tymebank Goes Live with Core Banking Tech from Mambu

South African challenger TymeBank has officially launched and is using Mambu’s Software-as-a-Service (SaaS) core banking system, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

As reported on 15 February, it went live on a limited basis in preparation for this formal launch.

The bank says customers will be able to open a Financial Intelligence Centre Act (FICA) compliant bank account in Pick n Pay and Boxer stores, and get a Visa debit card.

This follows on from a soft launch in December 2018 when it went live at 20 Pick n Pay and Boxer stores. Since that launch it has got 50,000 customers.

With the bank up and running, it explains that it is using Amazon Web Services (AWS) platform. This links with Mambu’s system, which is used as a ledger for customers’ accounts, and managing the debits and credits.

While not offering specifics, Mambu tells Fintech Futures that this is its “first bank client in the region.”

Chief information officer of TymeBank, Dieter Botha, tells BusinessTech that 180 IT staff worked on creating its digital platform.

The bank offers an Android app and the iOS app is currently in development.

Internal service orchestration, payment flows, and backend services are developed in Java as microservices on the Netflix stack, it explains.

According to Botha, TymeBank embraced Facebook’s React framework in developing the web-based customer channels, while the Android app was developed using Java.

It uses machine data platform Splunk’s cyber incident monitoring capabilities, which means the bank’s cyber-response team “listens” to more than 40GB of network traffic a day.

According to the bank, the kiosks in the Pick n Pay and Boxer stores are equipped with real-time biometric recognition.

Customers don’t require an ID document or any other paperwork to open an account. It takes under five minutes and they will be issued with a personalised, activated Visa debit card that can be used at any Visa merchant in the country.

TymeBank won’t charge monthly fees – meaning no fee for cash withdrawals at ATMs, no account initiation fee, no card issuing fee and no fees for the use of the card for payment.

It does state that cash deposits at Pick n Pay and Boxer stores will cost ZAR 4 ($.028).

On top of all that it offers “high interest on savings” – and says customers can earn up to 10% interest per annum on their savings after three months.

The Johannesburg-based digital bank was officially founded in 2012 under the name of TYME. In 2015, it was acquired by Commonwealth Bank of Australia (CBA) and became TymeDigital.

Three years later CBA sold it to African Rainbow Capital, which describes itself as a “fully black-owned and controlled investment company”.

The majority shareholding of African Rainbow Capital makes TymeBank – as it is now known – “the first majority black-owned retail bank in South Africa”, the new owner says.

Mambu demonstrated its cloud-native, SaaS banking solution at FinovateAsia 2013. The company is also an alum of our developers conference, presenting a discussion titled Smart Consumer Lending: Platform and Scoring Architecture at FinDEVrNewYork 2016.

Founded in 2011, Mambu is headquartered in Berlin, Germany. Eugene Danilkis is CEO and co-founder.

Finovate Alumni News

On Finovate.com

  • SpyCloud Scores $21 Million in Round Led by Microsoft’s M12.
  • Temenos Partners with Saudi Arabia’s Al Rajhi Bank.
  • Tymebank Goes Live with Core Banking Tech from Mambu.

Around the web

  • NICE Actimize partners with crypto finance company Circle to deploy its market surveillance technology.
  • Silvergate Bank to deploy Finastra’s Total Payments, leveraging the API-enabled solution to support payment processing.
  • Leading Vietnam-based consumer finance firm, FE Credit, chooses Vymo’s AI-powered personal sales assistant.
  • Bambu and CredoLab earn spots on Fintech News Singapore’s 29 Hottest Fintechs in Singapore 2019 roster.
  • GreatHorn announces capability to detect credential theft involving Microsoft Office 365 and Google G Suite.
  • Identitii joins the Banking Industry Architecture Network (BAIN).

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SaaS Banking Specialist Mambu Scores $34 Million in Funding

Software-as-a-Service (SaaS) banking firm Mambu has raised $34 million (€30 million) in its latest funding round led by US-based Bessemer Venture Partners, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The round also had participation from existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital. The company’s funding total now stands at more than $47 million.

The news is not a surprise to FinTech Futures, because at the start of this month – and in an exclusive – Mambu signed a deal to implement its core banking system at Orange Bank‘s new location in Spain.

At that time, Mambu said it had recently completed a funding round “in the tens of millions” and would provide details soon.

In the latest chapter, Eugene Danilkis, Mambu CEO, said institutions “have to move at the pace of a technology company rather than a traditional bank” and “as a direct result, we have experienced significant growth as these institutions change strategic direction and face new tech-enabled players entering the financial services market.”

Mambu, which launched in 2011, says it has experienced triple-digit growth for four consecutive years as challenger and established banks sign on to implement the platform.

The funding will be used for its commercial teams, and product, platform and services; resulting in a “planned three-fold growth in headcount and six-fold in revenues in the forthcoming years across all regions”.

Technology investment firm GP Bullhound acted as exclusive financial advisor to the firm for this transaction

In terms of other recent news about Mambu, FinTech Futures understands that its core system is in the running for Scottish SME challenger bank AlbaCo and Diamond Bank UK.

Mambu is an alum of Finovate’s developer conference, FinDEVr, presenting Smart Consumer Lending: Platform and Scoring Architecture at FinDEVr Silicon Valley 2016. The company is headquartered in Berlin, Germany.

Finovate Alumni News

On Finovate.com

  • Bill.com Bans Wire Transfer Fees for Small Businesses.
  • TransferTo Rebrands as DT One and Thunes.
  • SaaS Banking Specialist Mambu Scores $34 Million in Funding.

Around the web

  • Real Business profiles biometric authentication solution provider – and FinovateEurope Best of Show winner – iProov.
  • Artivest partners with Sudrania Fund Services to provide shadow fund accounting services for its line of mutual fund products.
  • Social investment platform Voleo is featured in the Financial Post.
  • Insuritas teams up with Truliant FCU (+$2 billion in assets) to launch digital insurance agency.
  • Entersekt SVP of North American Operations, Sherif Samy, named to One World Identity’s Top 100 Influencers in Identity roster.
  • Fenergo introduces Rules as a Service (RaaS), a cloud-based regulatory rules offering.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Mambu Takes its SaaS Core Banking to Orange Bank in Spain

Mambu has signed a deal to implement its Software-as-a-Service (SaaS)-based core banking system at Orange Bank‘s new location in Spain, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Mambu has also confirmed that it recently completed a funding round, and said it will be revealing details about this soon.

Fintech Futures understands the value of this round is in the tens of millions, but it hasn’t been confirmed yet.

According to Fintech Futures’ sources, Orange Bank has also picked Mambu for one of its Eastern Europe locations, possibly Romania or Bulgaria.

These may be just rumors, however, as Orange Bank says: “For the moment the contract does not stipulate any other country. This will be seen later, depending of future deployments in Europe.”

It is understood that for these new locations, Orange Bank went through a selection process that Mambu won.

Mambu has declined to comment on the deal.

The French business of the bank uses the SAB AT system from French core banking tech supplier SAB.

In 2016, the French mobile operator acquired 65% of Groupama shares, to launch a bank, and leveraged its tech to do so.

For its mobile front-end, Orange Bank uses Backbase’s platform.

Mambu demonstrated its cloud native, SaaS banking solution at FinovateAsia 2013. A few years later, the company participated in our developers conference, FinDEVr New York 2016, presenting Smart Consumer Lending: Platform and Scoring Architecture, a look at the company’s collaboration with alternative lender, Lenddo.

Founded in 2011, Mambu is headquartered in Berlin, Germany.

Finovate Alumni News

On Finovate.com

  • HooYu Brings Verification Services to Alt Banking Startup Suits Me.
  • Mambu Takes its SaaS Core Banking Solution to Orange Bank in Spain.

Around the web

  • API platform provider for banking and insurance NDGIT signs Banco BNI as a strategic customer.
  • EU Startups features Nordigen in its look at the top 10 Latvian startups to look out for in 2019.
  • Qover, an insurtech startup from Belgium, opens a new office in France.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

 

Process as Product: Middleware and Mambu Strengthen Alliance

Middleware, maker of the Corezoid Process Engine, and Saas banking engine innovator, Mambu, announced this week that they have strengthened their strategic partnership. The two companies have teamed up develop solutions that will enable banks and lenders to improve client onboarding, loan origination regulatory reporting, and card and payments connectivity.

The centerpiece of the partnership is the Mambu Process Orchestrator (MPO). Based on the Corezoid Process Engine and unveiled last fall, MPO is an integration platform as a service (iPaaS) offering that will make it easier for Mambu’s customers to connect multiple APIs together to streamline and better manage business processes.

“Corezoid allows clients to change how they see APIs to thinking in terms of assembling processes in the cloud,” Middleware founder and CEO Alexander Vityaz said. “Partnership with Mambu is part of Middleware’s global growth strategy. They work with clients in over 55 countries, and companies in these countries are now able to start leveraging Corezoid technology for their business through Mambu’s services.”

Mambu CTO Ben Goldin praised Middleware’s “unique vision and patented technology,” and said the enhanced partnership will enable Mambu to build out its cloud banking capabilities and boost adoption of its cloud-native banking engine. He added that Mambu is considering deploying other Middleware solutions such as its Messenger Bot Platform and DeepMemo Rules Engine after the launch of MPO.

Middleware participated in our developers conference FinDEVr Silicon Valley 2015, presenting Build Your Company’s Digital Core with Corezoid, an introduction to the company’s cloud operating system. Founded in 2014 and headquartered in Redwood City, California, the company’s customers include Western Union, TBC Bank, Tsesna Bank, and METRO.

Founded in 2011, Mambu is a leading global SaaS banking e=platform for digital financial services providers. The company’s technology powers more than 6,000 loan and deposit solutions, serving more than nine million end customers. The company is also an alum of our developers conferences, presenting Smart Consumer Lending: Platform and Scoring Architecture, at FinDEVr New York 2016, in partnership with Lenddo. Mambu also demonstrated its platform at FinovateAsia 2013 in Singapore.

Finovate Alumni News

On Finovate.com

  • Process as Product: Middleware and Mambu Strengthen Alliance.

Around the web

  • Nordigen tests its transaction categorization and behavioral analysis capabilities with Nordic financial services firm SEB.
  • NICE Actimize launches financial crime enterprise consulting and advisory practice.
  • Sberbank partners with Russian supermarket chain Azbuka Vkusa to enable payment by fingerprint.
  • Kabbage drives Alibaba.com’s Pay Later program for U.S. consumers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.