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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.