Aspiring digital bank Hay has selected Mambu to power its platform as a full service neobank. According to a note from Mambu, Hay will its API based core banking platform to provide financial services in Australia.
Hay opened up its waitlist for a digital transaction account via its smartphone app. The Hay transaction account includes instant payments, transaction information, and fee-free foreign exchange rates via the Hay Visa card.
Hay is waiting for approval of its application for a Restricted Authorised Deposit-taking Institute (RADI) license, which is expected to open the gate for Hay to begin operating as a fully-fledged digital bank.
Mambu is a well-established platform that provides services to many well-known names. Current clients include banks like ABN AMRO and Santander as well as Fintechs like N26 and OakNorth. Mambu offers the back end to provide a modern banking or lending offering, in the cloud.
Jason Latham, CIO of Hay said, said there is real synergy between the two companies as both have navigated the UK digital banking environment:
“Hay plans to launch a suite of digital banking products this year and Mambu’s true SaaS technology will be a critical part of the technology underpinning all of our offerings. We scoured the market and found that there was nothing comparable to Mambu’s composable architecture – and working in the cloud is where we feel most comfortable,” said Latham.
Andrew Laycock, CEO and Founder of Hay said the believes that Mambu is the only choice for truly cloud-native Fintechs.
Myles Bertrand, Managing Director, APAC, at Mambu, said the Australian banking and finance industry is ripe for disruption at the moment, and innovative new players like Hay are seriously going to shake things up, providing a much-needed wakeup call to those banks.
“By selecting Mambu’s agile and adaptable digital banking solution, Hay can develop innovative products and services that can be continuously updated and improved – all in the cloud – providing a seamless customer experience. We’re excited to see what the future holds for our partnership with this Fintech powerhouse.”