Cloud banking technology provider Mambu has expanded its footprint in the Philippines, with Negosyong Pinoy Finance Corporation (Venture South Philippines), as its newest customer.
More than 100 financial organisations are now using Mambu's software-as-a-service solution worldwide and NPFC , a growing provider of credit to micro, small and medium enterprises, is Mambu's third customer in the Philippines.
Established in 2011, NPFC, an SME-focused financing company, provides loans and other services to entrepreneurs and small businesses that are looking to grow their businesses and need access to working capital in order to do so. NPFC has an office in Pasig City and also covers the province of Cebu with a portfolio of PHP 87.7 million as of September 31, 2013. The portfolio will approach PHP 120 million by the end of the year. Aside from the Philippines, Venture South also operates in Colombia.
NPFC's adoption of the Mambu platform will help the company achieve scale by expanding its business and extending services to more of the country's micro, small and medium enterprises. Mambu will also help NPFC improve its customer experience, through Mambu's mobile workforce Android app, giving field staff access to real time data on the go; and through Mambu's client portal, which will give NPFC clients more direct access and control of their accounts than ever before. The implementation is expected to go live by the end of November.
J. Rico Coligado, President of NPFC (Venture South Philippines) said, "As NPFC strives to expand and grow its services, we believe that Mambu is the best fit that would support the MIS requirement of our operation. We are happy to be partnering with Mambu."
With the micro, small and medium business sector representing 99.6%* of all business in the Philippines and more than 63% of employment, access to finance is a critical issue for those businesses looking to grow, in order to fuel economic growth and development in the Philippines.
Eugene Danilkis, CEO and Co-Founder of Mambu added, "Companies such as NPFC are critical in providing access to finance for the 'missing middle', thele', the micro, small and medium businesses that are driving economic growth worldwide. With Mambu's affordable and flexible software-as-as-a-service, financial innovators such as NPFC can rapidly address and support these new market opportunities without the excessive costs previously associated with software licenses, maintenance and in-house infrastructure."