Folkefinans in tech revamp with Mambu’s SaaS-based core banking system
Folkefinans, a Nordic finance and credit company, is rolling out a new back office processing solution, supplied by Mambu, to “power its long-term growth strategy”, the vendor says.
The solution is supplied on a hosted, Software-as-a-Service (SaaS) basis, and was chosen “for its flexibility and scalability”, according to Mambu.
Founded in 2006, Folkefinans operates in Norway, Sweden, Finland and Estonia, and has over 350,000 customers. It is migrating its products across all geographies onto Mambu’s platform (to be completed within a year) and has also launched a new product using the new tech – a revolving credit loan.
The revolving credit loan will be available in Sweden and Norway from April 2018.
“We were one of the first digital consumer lenders in the region and as we’ve grown, the need to expand our portfolio of products has become rapidly apparent, “ explains Martin Holmin, CTO of Folkefinans.
“However, we found that our custom-built lending platform could not keep pace with our aspirations so we sought a solution that could help us differentiate and go to market quickly.”
He continues: “Mambu’s functionality matched our requirements perfectly: it integrates seamlessly with our existing ecosystem and is highly configurable which makes it able to cope with regulatory changes, a key requirement for us.”
Mambu describes its flagship platform as “the lean alternative to cumbersome core banking systems, a cloud-native software, supporting open API-enabled ecosystems”.
The company was set up in 2011. It says that today it powers over 6,000 loan and deposit products that serve over four million end customers across 46 countries. Its customers include Ualá and Wenance in Latin America, N26 in Europe, and Fuse in the Philippines.