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Temenos invests in US Banking-as-a-Service provider Mbanq

Temenos invests in US Banking-as-a-Service provider Mbanq

Swiss core banking vendor Temenos has invested in US Banking-as-a-Service provider Mbanq.

Launched in 2016, Mbanq started as a technology partner to credit unions, banks and non-bank financial institutions.

Today, Mbanq targets brands across a number of sectors such as Ivy League Universities, top sports teams and celebrities offering them a comprehensive ‘as-a-service’ package such as branded deposit programmes and debit cards, credit cards, lending and payments.

The expanded agreement with Temenos deepens the companies’ collaboration after last year’s launch of a joint Credit Union as-a-Service offering.

Temenos says the partnership opens up the opportunity to target mid-sized banks in the US, as well as fintechs and consumer brands, enabling them to not only launch BaaS services such as deposits, credit cards or Buy Now Pay Later, but also future-proof their technology stacks by kicking off an incremental core banking renovation.

Max Chuard, chief executive officer, Temenos, says: “This move will extend Temenos’ target addressable market by opening up a new channel to offer BaaS services directly to consumer brands, an incremental market to our business."

Terms of the investment were not disclosed.

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