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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.