Chilean digital lender Mento goes live with Mambu’s tech
Mento, a Chilean digital lender providing credit, payments and other financial services, has gone live on Mambu’s core banking platform.
Mambu, which describes itself as “the world’s only true Software-as-a-Service (SaaS) cloud banking platform”, will underpin Mento’s back office operations.
Mento caters to underserved portions of society, often deemed as unprofitable by incumbent banks due to market and regulatory constraints, such as contract workers, self-employed individuals and small business owners.
The lender says it takes a more data-driven approach to loan vetting and origination, focusing more on individual cases, history and other personal information to complement or even stand in place of historical salary figures.
“Thanks to a successful launch of the first version of our lending product, we can confirm that we have been attending to very real and relevant needs of the population, a key indicator that we are advancing on the right path,” says Alex Rossi, Mento’s chief of product.
Martha Malaver, Mambu’s country manager, adds: “Mambu recognised early on the fundamental role financial technology companies like Mento play in improving financial inclusion and more comprehensive and sustainable economic development.
“Technology is at the forefront of these efforts, and Mambu provides the digital core to support entities like Mento who will make a positive difference.”
The vendor says its SaaS platform offers “maximum flexibility and speed, enabling fintechs to interact with banks, other fintechs, regulators and partners involved in origination procedures, vetting and processes to enhance and improve the availability of financial products to millions of Chileans”.
Also, Mambu’s technology will enable Mento to replace components as required, avoiding vendor lock-in and wholesale re-platforming issues, the vendor highlights.
Looking ahead, Mento plans to expand its offering – including the introduction of physical cards – and become a regional player in Latin America.