Global microfinance network Opportunity International (OI) has selected Mambu as its core banking platform for small business lending in China.
According to OI CIO Robert Westcott, the fact that Mambu would help them launch more products and services to more clients faster and more efficiently was a key selling point. OI China is particularly interested in reaching markets in rural areas of the country and, as both cloud-native and mobile-friendly, Mambu’s technology was viewed as the “perfect solution.”
Mambu, in the words of company CEO Eugene Danilkis, is a “cloud, SaaS, core banking application” that enables a variety of types of financial organizations to launch and service loan and deposit products. With an emphasis on speed, scalability, and simplicity, Mambu is designed to respond to what Eugene says is the “nearly two-thirds” of SMEs – and micro businesses – that are not well-served by “inflexible” legacy banking systems.
Opportunity International provides SME loans ranging from $20,000 to $1 million USD. The non-profit organization employs more than 17,000, and provides financial services and training to more than 5 million clients in 22 countries.
Mambu currently works with more than 100 institutions in 30 countries around the world, representing more than one million accounts. The company was recently in the headlines with news that the micro finance program at Yale University had adopted its platform. Mambu demoed its technology at FinovateAsia 2013 in Singapore.