Mambu, the SaaS banking platform provider, today announced the launch of its FinTech Startup Program, allowing companies to bring their innovative vision to market faster by leveraging the Mambu platform.
The program is designed for startups that are part of selected accelerators and incubators that Mambu has partnered with. Mambu will enable these organizations to build their innovative consumer or business focused financing products (like lending and deposits) much faster and cheaper than building the technology fully in-house.
“The banking industry is being disrupted with innovative fintech startups who are digitally integrated, customer centric, simple and agile,” said Eugene Danilkis, CEO of Mambu. “Mambu wants to enable these digital disruptors to get to market quicker by utilizing our platform and building their vision on top of it. With startups around the world competing with traditional financial institutions to try and win customer trust we hope our program will give these companies the additional boost they are looking for.”
“Building a financial services startup is complex and expensive. We’re excited to partner with the Mambu Startup Program to provide #500FinTech companies with the kind of back-office platform, and confidence they need to stay focused on building their differentiation and scaling their customer acquisition.” said Mike Sigal, FinTech EIR, 500 Startups & Senior Advisor, Innotribe Startup Challenge.
“The Mambu FinTech Startup Program has the potential to help our accelerator startups change the world faster and easier as it takes away a lot of tech-headache and we are delighted to be partnering with Mambu” said Nektarios Liolios, Co-Founder & CEO Startupbootcamp FinTech.
Mambu will allow startups to be lean, fast and agile while focusing their resources on innovation. By participating in the program, startups can benefit from cost savings and faster time to market allowing for the quick launch of new loan and deposit products with market opportunities being approached with minimal risk. The startups will be able to re-focus their engineering efforts on what differentiates them from the competition, better positioning them for growth and funding through the support of Mambu’s scalable core banking platform.
Mambu has already seen success with startups, including Kueski, a short-term consumer lender in Mexico who built a simple customer experience and an automated credit decisioning engine on top of Mambu’s cloud banking platform and APIs. Working with Mambu has allowed Kueski to build a service that has enabled them to reach over 20% month-to-month growth rate in loans disbursed since its launch, attracting $35M in growth financing from investors.
“We’re excited to partner with Mambu to offer its complete core banking engine to companies in our incubator, said Jeff Cain, Director of Ynext Incubator by Envestnet |Yodlee. In addition to access to our financial data platform and guidance from mentors and experts, the next class starting in Fall 2016 will receive complimentary access to the Mambu platform during the incubation period.”
Along with 500 Startups, Startubootcamp FinTech and Ynext Incubator by Envestnet | Yodlee, other partners on the program include Techstars and Citi Accelerator, with plans to sign more partners in the coming months. Startups as part of these programs can get discounted pricing on the platform along with support and services to help them build, integrate and launch their offerings into the market rapidly. Depending on the type of company, there are two tiers of admission criteria to join the program.
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