Tide picks Mambu to power credit facilities and overdrafts
UK business banking challenger Tide has selected Mambu to power its revolving credit facilities and overdrafts functionality.
The cloud-focused vendor will implement its systems in a drive by Tide to revamp its offerings for customers, including releasing larger overdrafts, credit cards and invoice financing in multiple geographies.
Mambu’s platform will also manage Tide’s plan to allow its users to lend to each other via different instruments.
Tide claims more than 150,000 SME members, which accounts for one in four in the UK.
“At Tide, we have ambitious plans to provide multiple lending products in multiple geographies and in order to achieve that, we looked for a tried and tested solution which can help us to scale,” says Amit Kahana, vice president of credit services at Tide.
“Mambu has an impressive track record of providing the type of products we need to provide our members with the best services, as well as accounting tools which make our finance department’s life much easier.”
Mambu has won a handful of deals in 2020 so far across multiple geographies. Singapore-based Goldbell Financial Services, Australian challenger bank Hay, and Vietnam-based MSB all picked the vendor in March.
“There is a need to be flexible, agile and customer-centric in the design of financial products,” says Eelco-Jan Boonstra, managing director of Mambu EMEA.
“When today’s customers evaluate financial institutions, they no longer compare different banks, they compare experiences. We see this partnership approach as the future of banking technology.”