Mambu plans to onboard 50 new clients by year-end
Fintech vendor Mambu says it has added 25 new clients to its portfolio this year and is set to double this figure by the end of 2016. It will also more than double the size of its team by the year-end.
“All [of Mambu’s new customers] are focused on servicing consumers and businesses poorly reached by the existing banking infrastructure via loan and deposit products,” the vendor says.
Mambu’s flagship core banking system, delivered on a Software-as-a-Service (SaaS) basis, is “now used for managing nearly $600 million in portfolio with this figure growing by 10% month on month”, according to the vendor.
It also says its software is now present in 40 countries, used for serving two million end-clients and businesses.
“2016 kicked off with a great start for us after receiving €8 million in funding to accelerate the commercialisation of our platform,” says Eugene Danilkis, CEO of Mambu.
In June, Mambu launched a fintech start-up programme together with a number of accelerators and incubators.
Mambu’s client list
Mambu was set up in 2011 in Germany, with initial focus on cloud-based loan management in emerging countries. Its core offering now also has savings, deposits and current accounts functionality, and the vendor says it “is starting to service more transactional banking clients”.
In the UK, Mambu’s known customers are:
- My Community Bank, which is actually a credit union;
- OakNorth Bank, a challenger bank and the first bank to use a cloud-based core system in the UK;
- Reparo Finance, an SME lending start-up;
- Savvy Loans, an online short-term lender.
Elsewhere, clients include:
- Banco Macro in Argentina
- Ferratum Group in Finland and Sweden
- Kueski.com in Mexico
- Mão Solidária Microfinança in Angola
- Mega Mitch Credit in the Philippines
- Mentors International in Philippines, Guatemala, Honduras, El Salvador and Peru
- One Credit in Nigeria
- Opportunity International in China
- Premier Kenya in Kenya
- RenMoney in Nigeria (Mambu’s core banking system replaced Temenos’ T24)
- Reparo in the UK
- Venture South in the Philippines