PayU pioneers Mambu’s lending platform in Colombia
PayU Colombia has become the first payments services provider globally to implement Mambu’s Software-as-a-Service (SaaS) based core banking solution. It will support PayU’s new short-term deferred payment product.
Mambu says this win brings its Americas client base to 26, “all of which are supported from its newly opened offices in Miami”.
PayU Latam provides an online payments platform for merchants in high growth markets across Latin America. In Colombia, it has 600,000+ customers.
The new product – a 15 day post-payment option – is “opening a new and higher margin revenue channel” for PayU, says Mambu.
It is currently being piloted in Colombia, with a view for a broader roll-out across Latin America. Edgardo Torres, MD of Americas, Mambu, says his company is “excited by the potential for expansion”.
Jose Velez, CEO of PayU Latam, explains that Mambu was chosen for “its functional reach and ability to seamlessly integrate with PayU’s existing ecosystem”.
He adds the company evaluated a number of providers, including local ones, “but none could match Mambu’s flexibility”.
He also compliments the vendor’s “collaborative approach” and its “ability to provide the live product in less than a month”.