Mambu banking engine powers Kreditech’s lending leap to India
The firm currently operates in Europe and Latin America and says it will expand into the sub-continent in early 2018, together with its partner PayU, a payments provider and a Mambu client in Latin America.
The engine will let Kreditech launch a short-term lending product tailored to local consumer and regulatory needs.
Alexander Graubner-Müller, CEO of Kreditech, says by using “alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge” – and it offers them “access to loans and thereby help them to gain economic independence”.
He adds that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.
The loan product is expected to go live in the first quarter of 2018, all data will be hosted by Amazon Web Services (AWS) India.
Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than five markets, including Russia, Mexico, Spain and Poland. Up until now, the company says it has processed more than five million loan applications through its subsidiaries.