Scottish Digital Bank Alba to Migrate to Mambu’s Cloud Banking Platform to Manage SME Lending Services

Scottish digital bank Alba Bank announced that it will migrate to Mambu’s cloud banking platform to manage its small and medium-sized enterprise (SME) lending services, as well as its retail and business deposits. Alba bank has been approved for a UK banking licence.

Alba Bank understands the unmet challenges “faced by SMEs, and are currently working to develop products and offerings that will allow them to thrive.” By switching to Mambu’s cloud banking platform, Alba Bank will be “embracing a composable approach, enhancing its agility and speed to market.”

Over the last five years, over half (58%) of UK SMEs have been “unable to secure any or sufficient funding to cover the needs of their business, on at least one occasion,” according to a report by Mambu. And 93% would consider “switching lenders if a competitor provided a better service.”

Nick Lawler, Market Director, Northern Europe at Mambu, says:

“We are delighted to kick off our work with Alba, Scotland’s newest bank. Now more than ever, the availability of finance is key to the success of all SMEs. Pain points for this segment need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”

Alba Bank has successfully secured “a UK banking license, and has moved into mobilization as it aims to support SMEs to grow and realize their potential.”

Sandeep Kadam, Chief Technology Officer at Alba Bank adds:

“At times when SMEs are being underserved by traditional lenders, speed to market is crucial – especially as SMEs are the backbone of the UK economy. We’re excited to be working with Mambu, and fully embrace a cloud-first approach as this will enable us to build our products quickly, and adapt to ever-changing market demands.”

By partnering with Mambu, Alba will be able to “build a bank in a digital-first, future-proof way. In addition to this, Alba will address and overcome the challenges of building products and services quickly while having access to world class partners, including Mambu.”

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