Mambu, a SaaS alternative to legacy core banking software that allows financial firms to move quickly online, has partnered with several accelerators and incubators on a Fintech Startup Program. The new initiative is said to enable startups to build financing products faster and cheaper than building technology in-house. Along with 500 Startups, Startubootcamp FinTech and Ynext Incubator by Envestnet | Yodlee, other partners on the program include Techstars and Citi Accelerator. Mambu expects to sign more partners in the coming months.
“Mambu wants to enable these digital disruptors to get to market quicker by utilizing our platform and building their vision on top of it. With startups around the world competing with traditional financial institutions to try and win customer trust we hope our program will give these companies the additional boost they are looking for.”
Mike Sigal, FinTech EIR, 500 Startups & Senior Advisor, Innotribe Startup Challenge, explained that buidlign financial services is complex and expensive. Allowing their companies to use the Mambu platform would help deliver “confidence they need to stay focused on building their differentiation and scaling their customer acquisition.”
Mambu explained that by participating in the program, startups may benefit from cost savings and faster time to market allowing for the quick launch of new loan and deposit products with market opportunities being approached with minimal risk. The startups will be able to re-focus their engineering efforts on what differentiates them from the competition, better positioning them for growth and funding through the support of Mambu’s scalable core banking platform.
Mambu pointed to a recent example, Kueski, a Mexican based short term lending platform. Mambu said working with their platform allowed Kueski to reach over 20% month-to-month growth rate in loans disbursed since its launch and has now attracted over $35 million in growth financing from investors.
“We’re excited to partner with Mambu to offer its complete core banking engine to companies in our incubator, said Jeff Cain, Director of Ynext Incubator by Envestnet |Yodlee. In addition to access to our financial data platform and guidance from mentors and experts, the next class starting in Fall 2016 will receive complimentary access to the Mambu platform during the incubation period.”
Launched in 2011, Mambu states it has deployed in more than 150 locations in 37 countries worldwide.