Mambu powering Wenance’s Latin American expansion
Mambu has been selected by Argentinian lending firm Wenance to use its Software-as-a-Service (SaaS) core banking system to help with its Latin American expansion strategy.
Wenance says the process took nine months with local and international providers being considered. By the end, it chose Mambu for its “flexibility and time to market” features necessary to the company’s growth plans.
The company has now migrated all of its existing account to Mambu’s platform. It has also created an IT team to source API-enabled solutions to power its service oriented architecture (SOA). Mambu enables open banking and supports automation and artificial intelligence (AI), Wenance says.
CEO of Wenance, Alejandro Muszak, says the legacy system could not scale up to meet the firm’s “growth aspirations”. The new technology “presents an opportunity for us to grow operations in the region, serving a large and underserved demographic in multiple geographies”, he explains.
Wenance opened for business in 2014 and has over 80,000 active customers and a loan book of approximately $40 million. The company says it provides responsible lending by making credit decisions based on historical customer behaviour.