SME Challenger Bank Recognise Signs Mambu

UK-based SME challenger bank Recognise has selected Mambu and its cloud-based Core banking platform, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.

Recognise, which is still in the process of obtaining a banking license, originally planned to launch trading under restriction in mid-2019, and is aiming for a 2020 full launch. It was founded by Jason Oakley, former managing director of Metro Bank’s commercial and mortgage lending business.

The challenger will be implementing Mambu’s platform on the cloud, and will be pairing it with nCino’s Bank Operating System, which Recognise opted for earlier this month.

“We know that speed and flexibility is critical for SMEs and the current SME banking providers are no longer fit for purpose,” said Oakley. “This is why we have decided to select a cloud-based solution that is modern and open early on our journey.”

Recognise isn’t the first time the two vendors have collaborated. In September start-up B-North selected both companies to aid in the building out of its banking services. Like Recognie, B-North is also awaiting a licence.

Monica Velaquez, CTO of Recognise, said, “We are really excited to work with Mambu and explore the ways in which we can enhance the overall customer experience through a composable architecture. With Mambu we will be able to apply innovation initiatives to build the new foundations of SME banking through the Mambu Core and Mambu Process Orchestrator.”

Ben Goldin, CTO of Mambu, added, “It’s been a great opportunity for us to work with Recognise and once again prove the value and power of our composable banking approach. We are enabling Recognise to provide remarkable customer experience to their end-client by combining Mambu with other best-for-purpose partners like nCino and bring the composable architecture to life using Mambu Process Orchestrator.”

In its eight-year history, Mambu has garnered almost $47 million in funding (€42 million) from investors including Bessemer Venture Partners, Acton Capital Partners, and CommerzVentures.

The Berlin-based company, which made its Finovate debut at FinovateAsia 2013 in Singapore, has recently formed a host of new partnerships, including Swiss online lender bob Finance, U.K.-based neobank B-North, and software development provider ABC TECH Group.

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Mambu Helps Swedish Challenger Bank Personal Finance Co Go Live

Swedish neobank Personal Finance Co (PFC) has gone live on Mambu’s software-as-a-service (SaaS) banking engine 10 months after launch, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication.)

PFC offers a personal finance app with an accompanying debit card. Customer are encouraged to reach their financial goals through “automation and data-driven insights.”

The bank plans to launch personalized savings and credit products in the near future and aims to accrue 100,000 users by the end of the year. It operates under a payments institution license, rather than a full banking license.

PFC is backed by Nordea, the largest bank in the Nordics region of Europe, itself going through a core banking transformation with Temenos. It invested €5 million in PFC in July.

Eli Daniel Keren, founder and CEO of PFC, said the neobank selected Mambu as the two firms shared common traits in flexibility and scalability.

He added: “In just nine months we were able to deploy a feature-rich mobile-first neobank and can now focus on international expansion and innovations to enhance the customer experience and deliver more value.”

Eelco-Jan Boonstra, managing director of Mambu EMEA, noted that the partnership will open up unique opportunities for both firms.

“Progressive digital banks have found a new way of doing business and tend to attract young, information-hungry customers that are comfortable with technology. When it comes to user experience, this target audience has high expectations, and also continuously changing needs,” said Boonstra.

“Powered by Mambu, PFC is able to meet these needs, at the same time accelerating the development of new products and features, quickly becoming a one-stop-shop for personal finance.”

Founded in 2011, Mambu made its Finovate debut at FinovateAsia 2013 in Singapore. The company is also an alum of our developers conference, leading a discussion and presentation titled Smart Consumer Lending: Platform and Scoring Architecture at FinDEVrNewYork 2016.

With more than $45 million in funding (€42 million) from investors including Bessemer Venture Partners, Acton Capital Partners, and CommerzVentures, Mambu is headquartered in Berlin, Germany. In recent months, company has forged partnerships with companies like Swiss online lender bob Finance, U.K.-based neobank B-North, and software development provider ABC TECH Group.

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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 and nCino Co-Create Banking Solution for B-North

U.K.-based start-up B-North has chosen a German Software-as-a-service (SaaS) company, Mambu, to provide its core banking technology, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).

The Manchester neobank, which is still awaiting a license from the Financial Conduct Authority (FCA), is the first client to experience a co-created solution by Mambu and a U.S.-based cloud banking tech provider, nCino.

The cloud provider will deliver its loan and deposit origination platform, enabling the challenger to speed up its processes and deliver a highly efficient, “minimum hassle” service to its SME customers.

“The advantage of creating a new bank without legacy systems or legacy business processes is we can design the solution around our customer’s needs and leverage the very best cloud-based technology,” said B-North CTO, Ewan Hutton.

He added: “Mambu has already proved its engineering capabilities with its core banking solution in the marketplace and for B-North it is a perfect fit vs traditional solutions that are over-engineered legacy designs with recent front-end face-lifts.”

B-North’s new localised technology will make loans available to SMEs in just ten working days, rather than the standard three to four months.

Currently, SMEs make up 99% of U.K. businesses and employ more than 16 million people.

nCino’s area vice-president, Jacqui Morcombe, said: “B-North is taking a progressive approach to its technology strategy. By building a foundational cloud-based architecture it is establishing itself as a customer-centric institution without the constraints of inflexible systems as market pressures shift.”

Founded in 2012 and headquartered in Wilmington, North Carolina, nCino demonstrated its Bank Operating System at FinovateEurope 2017. Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013, and returned to participate in our developers conference FinDEVr New York in 2016. Mambu was founded in 2011.

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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.

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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.

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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 Strikes First Deal in Brazil; Twisto Sets Sights on Poland

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.

Central and Southern Asia

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  • Philippines Union Bank picks Refinitiv to power its electronic trading business.
  • Samsung partners with a cohort of South Korean banks on a blockchain-based digital identity project.

Sub-Saharan Africa

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  • Standard Bank leverages mobile teller technology from Infosys Finacle.
  • Kenyan payment solutions provider WAPI Pay pledges to support faster adoption of Wechat Pay and Alipay across Africa.

Central and Eastern Europe

  • Czech Republic’s Twisto announces plans to expand to Poland this fall, with expansion to Romania to follow.
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  • Austrian insurtech Bsurance and fintech Cashpresso team up to provide automatic buyer protection Cashpresso customers.

Middle East and Northern Africa

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  • Emirates NBD’s Liv leverages gamification to raise money for charity.
  • Abu Dhabi Global Market’s Financial Services Regulatory Authority issues guidelines for robo advisors operating in ADGM.

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