RBS’s challenger bank Bo has reportedly selected Mambu as core banking technology provider. Mambu’s flagship solution will be delivered on a hosted basis, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
Bo is RBS/NatWest’s digital alternative to the likes of Monzo and Starling, with former operations chief Mark Bailie leading the project.
Reportedly, around 100 staff have been briefed on the new project.
Bo is expected to launch to retail customers in 2019, with the aim of migrating one million Natwest customers to the new mobile platform. It will offer savings and deposits products to consumers.
Fintech Futures has reached out to Mambu and Bo; both firms have declined the request for comment.
For payments, Bo will be using Starling’s Payments-as-a-Service offering.
Mambu already has a couple of users in the U.K., namely OakNorth (which runs the system on the AWS cloud) and N26 (which uses Mambu’s tech in its home market in Germany and across international locations).
Founded in 2011, Mambu participated in our developers conference, FinDEVr New York, in 2016. The company’s CEO, Eugene Banilkis, presented Smart Consumer Lending: Platform and Scoring Architecture and discussed how Mambu developed its social, data-driven consumer credit scoring engine.
Mambu is also a veteran of Finovate’s demo-only event, having demonstrated its technology live at at FinovateAsia in Singapore in 2013.