Ibercaja Banco in Spain taps Mambu to power consumer finance spin-off
Ibercaja Banco, one of the largest banking groups in Spain, has inked a six-year partnership deal with Dutch cloud banking technology provider Mambu to power the spin-off of its consumer finance unit.
Ibercaja Banco to debut consumer finance entity in “early 2025”
The €97.9 billion-asset bank will transition its consumer finance operations to Mambu’s cloud banking platform as part of the spin-off, starting with its newly launched division, Ibercaja Technology Solutions.
In a statement, Mambu says this will lay the groundwork to “further modernise the bank’s legacy stack and evolve their portfolio to fully service the consumer lending line of business in the long run”.
This transformation, which the vendor adds will take a “staggered approach over the coming years”, is hoped to culminate in the launch of a dedicated consumer finance entity “in early 2025”.
Leandro Hermida Brañas, CIO of Ibercaja, reveals that the division is targeting 200,000 new customers within the first five years of its launch. This would build upon the 2.5 million customers already served by the bank in Spain.
Headquartered in Zaragoza and with a significant presence within the Aragon region, Ibercaja’s consumer finance portfolio currently comprises current accounts and cards, savings and investment products, mortgages, loans and insurance.
Ibercaja previously tapped the digital banking solutions of UK-based vendor Meniga back in 2017 to achieve real-time customer data processing, and to further personalise its consumer-facing digital channels.
