Ranqx signs digital lending deal with Mambu
Ranqx, a New Zealand-based credit technology firm, has signed a digital lending deal with Mambu.
Ranqx is deploying Mambu’s digital banking platform. The firm is aiming to provide “frictionless” lending, origination, and decisioning for its small and medium-sized enterprise (SME) bank customers.
Mambu says the partnership will “radically improve” the efficiency of loan applications and “ultimately accelerate the flow of funds to customers”.
Dave Lewis, CEO of Ranqx, says that the deal sees Mambu’s banking platform slot in alongside his firm’s existing decisioning technology.
He adds: “By partnering with Mambu and aligning our specialist loan origination and decisioning engine with Mambu, we are able to offer SME banks and lenders an unrivalled loan application and credit decisioning process.”
Ben Goldin, chief technology officer at Mambu, says Ranqx uses technology the vendor “loves to partner with”.
“Ranqx removes the manual processes inherent with traditional loan applications for [SMEs]. This results in cost savings of up to 80% and allows SME banks to approve loan applications in five minutes.”
Earlier this year, Mambu penned a deal with Google Cloud. The deal allows Mambu to operate end-to-end on Google’s platform.
The vendor was also selected by business banking challenger Tide in April. Tide claims more than 150,000 SME members, which accounts for one in four in the UK.
Mambu’s platform manages Tide’s plan to allow its users to lend to each other via different instruments.
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