SaaS-y Mambu powers New10’s Dutch SME lending
Like many start-ups, speed is part of the sales pitch, and New10 says it aims to provide credit decisions for SMEs within 15 minutes and offers a fully digital application process. In fact, ABN Amro points out that New10 went from concept to launch within ten months. Perhaps that’s why it’s called New10 and not New15.
Mark Schröder, co-founder and commercial director of New10, says it combines “the best of two worlds – the characteristics of a fintech with ABN Amro’s financial knowledge and resources”.
Jaap Boersma, CTO of New10, adds that Mambu was selected as it offers “scalability, flexibility and speed to market at a fraction of the cost of traditional core systems”.
According to Mambu, it took a collaborative approach working with the New10 team in order to complete implementation within four months. In a “highly regulated environment”, Mambu’s partnership with Amazon Web Services (AWS), which has received Dutch regulatory approval, “helped smooth the path to market”.
Mambu was launched in 2011, and says its technology powers over 5,000 loan and deposit products for over four million end customers. It has 180 live operations in 45 countries, ranging from fintech firms to “traditional banks”.