UK challenger OakNorth Bank signs for Mambu core platform

UK challenger OakNorth Bank signs for Mambu core platform

OakNorth, a new UK challenger bank targeting small- and medium-sized businesses, has selected Mambu as its core platform provider.

One of a host of new entrants to the UK banking market, OakNorth bills itself as a bank for entrepreneurs, providing loans to small firms, although it also has regulatory approval to accept deposits and offer saving products.

In a bid to get to market quickly and ensure flexibility, the startup has picked Mambu's SaaS banking platform. The IT vendor says that its infrastructure and API will help OakNorth challenge and outmatch traditional banks, P2P lenders and other alternative lending options on service and loan distribution.

Rishi Khosla, CEO and founder, OakNorth, says: "Mambu’s banking technology is the core of our digital architecture, enabling us to rapidly bring new products to market and focus our innovation around giving our customers great service with a level of agility we couldn’t get from a traditional core banking system.

"Changes to our systems can be made much more quickly than other banks, often in days rather than weeks, meaning we’re able to adapt to the needs of our customers, offering solutions where others can’t and moving away from the ‘computer says no’ mentality that plagues the industry."

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