FIS has won a contract to provide the core tech architecture for US neobank Bambu.
Memphis-based Bambu intends to offer app-only banking services to underbanked Hispanics and other Americans who lack access to bank accounts or other traditional financial services. The Bambu app offers FDIC-insured prepaid accounts, domestic and international bill payments and remittances, peer-to-peer transfers, check deposits, retail cash loading and other services.
In preparation for its coming launch the neobank has contracted with FIS for its cloud-native Modern Banking Platform, delivered in a software-as-a-service model that will allow Bambu to speed deployment while minimising capital investments.
“Our new platform gives us the scalability to adapt to an everchanging fintech landscape and provide critical financial services to previously unbanked and underbanked customers via mobile devices,” says Douglas Quay, Bambu founder, chairman and CEO. “Our Bambu mobile banking app delivers a personalized consumer journey powered by cutting-edge technology. We give an overlooked audience a convenient, safe and cost-effective way of handling their banking.”