Mambu launches fintech start-up programme
Banking software vendor Mambu has joined forces with a number of accelerators and incubators to launch a new fintech start-up programme.
Partners comprise Startupbootcamp FinTech, 500 Startups, Ynext Incubator by Envestnet/Yodlee, Techstars and Citi Accelerator – and those start-ups that are part of these accelerators and incubators are invited to participate in Mambu’s new venture and leverage Mambu’s cloud-based core banking platform.
Eugene Danilkis, CEO of Mambu, explains: “Mambu wants to enable digital disruptors to get to market quicker by utilising our platform and building their vision on top of it.
“With start-ups around the world competing with traditional financial institutions to try and win customer trust we hope our programme will give these companies the additional boost they are looking for.”
Mambu itself works with start-ups, such as Kueski, a short-term consumer lender in Mexico that built an automated credit decisioning engine on top of Mambu’s cloud banking platform and APIs. As a result, Kueski achieved an over 20% month-to-month growth rate in loans disbursed since its launch and attracted $35 million in growth financing from investors, according to Mambu.
In the UK, SME lender OakNorth Bank has become the country’s first cloud-based bank – having launched its operations on Mambu’s core banking platform hosted on the Amazon Web Services (AWS) cloud.
Another newcomer to the UK’s lending market, Savvy Loans, also launched on Mambu’s core platform. Savvy is a short-term lender to consumers and SMEs.
Alexander Chagoubatov, MD at Savvy Loans, commented at the launch: “When we started looking into the UK market, we were advised to build our own platform, as there wasn’t anything already available that would suit our specifics. Coming across Mambu alleviated that concern.”