- Cloud banking platform Mambu has teamed up with payments service processor Kuady.
- Mambu is powering Kuady’s digital wallet offering, which has just launched in Peru, Chile, Argentina, and Mexico.
- Headquartered in Berlin, Germany, Mambu made its Finovate debut at FinovateAsia in 2013.
Courtesy of a new partnership with cloud banking platform Mambu, payments service processor Kuady has launched its digital wallet in Peru, Chile, Argentina, and Mexico. The launch comes less than nine months after the beginning of the partnership between the two companies, and sets the stage for further expansion in Latin America, as well as in Africa and Europe.
“We’re proud to support Kuady in its mission to enhance financial inclusion and transform how people manage their money,” Mambu Chief Revenue Officer Mark Geneste said. “As the adoption of digital wallets continues to grow globally, consumers are seeking smart alternatives to cash that provide flexible and ready-to-use spending, and we are here to support financial institutions and fintechs looking to expand and innovate in this space. We can offer the speed to market, future-proofing, and flexibility needed to stay ahead of the competition.”
Kuady’s new offering is powered by Mambu’s cloud banking platform and supported by Microsoft Azure. The company’s digital wallet will help consumers readily access their funds and manage their finances. Kuady’s wallet also empowers merchants to easily scale across borders, enabling instant payouts, chargeback protection, and more. Launched in July, the digital wallet arrives at a time when demand for digital wallets is surging. Mambu reported that the digital wallet market, which stood at 2.8 billion wallets and $5.5 trillion in spending globally in 2020, is expected to top $10 trillion in global spending by 2025. “One in every two people will choose to pay this way,” Mambu’s research into digital wallets revealed.
“With the tech foundation provided by Mambu, we’ve experienced incredible speed and flexibility allowing us to launch and expand our digital wallet across key Latin American markets in just under nine months,” Open Payment Technologies Ltd. Managing Director Mario Ricciardi said. Kuady is the registered business name of Open Payment Technologies. “As we look to enter more countries in Latin America and eventually expand across Africa and Europe,” Ricciardi added, “we’re excited about growing our business together with Mambu.”
Mambu made its Finovate debut at FinovateAsia 2013 in Singapore, and most recently demoed its technology for Finovate audiences at FinovateFall 2021 and again in partnership with Persistent Systems, at FinovateEurope 2022. In addition to its partnership with Kuady, the Berlin, Germany-based firm this month teamed up with INDEXO Bank. The financial institution, which recently secured a banking license from the European Central Bank, leveraged technology from Mambu to launch banking operations in Latvia.