Mambu, the SaaS banking platform provider, today announced that Reparo Finance, an independently-owned business finance company specializing in SME business lending, has selected Mambu to launch a new business line offering loans to small-to-midsize enterprises (SMEs) in the UK. The company chose Mambu’s cloud-based platform for its flexibility, scalability and ability to manage complex financing options, according to the platform. Earlier this month, Mambu forged an agreement with the Ferratum Group to power “Ferratum Business.”
“We saw an opportunity to offer neglected yet viable UK-based business additional financing options to continue day-to-day operations, and provide additional capital to maintain and establish longterm growth,” said Andrew Ward, Managing Director of Reparo Finance. “Partnering with Mambu has allowed our company to quickly bring more sophisticated loan offerings to market while offering the necessary expertise and scalability to meet growing customer demand.”
Reparo Finance offers structured loan products, with asset-secured loans ranging from £50,000 up to £1M with repayment profiles of 1-24 months, and decisions made within two business days. Reparo also has a separate division, Fast Track Business Finance, which offers loans of up to £50,000, over a maximum period of 52 weeks, secured only via directors indemnities, and based on a credit scored model. Leveraging Mambu’s platform and API, the company aims to offer working capital loans with more flexible payment schedules and bespoke profiling tailored towards the needs of SME borrowers within the market.
“Small and mid-size enterprises are the lifeblood of any economy, but many have struggled to secure the necessary financing to continue operations in the current economic climate,” said Eugene Danilkis, CEO of Mambu. “We are excited to work with Reparo Finance to minimize the complexity of developing new and more accessible loan offerings as they bring much needed capital to this underserved yet vital segment of the market.”