21 July 2018
Visit www.avoka.com

Argentina's Wenance selects Mambu SaaS engine

14 December 2017  |  3630 views  |  0 Source: Mambu

Mambu today announced that Argentinian fintech Wenance has selected their leading SaaS engine to help drive its Latin American expansion strategy. Wenance chose the solution for its flexibility and time to market, features critical to the company’s rapid growth plans.

Wenance started operation in 2014 and is Argentina’s largest digital consumer lender with over 80,000 active customers and a loan book of approximately 40 million US dollars. The company provides responsible lending by making credit decisions based on historical customer behaviour. It’s founder is entrepreneur Alejandro Muszak who established several successful lending businesses throughout Latin America including its main product, PrestoHoy.

“Over 40% of working people in Latin America lack access to credit and even more are unable to secure funds on fair and viable terms. We give applicants with thin credit files the ability to build and enhance their credit history and benefit from better terms on future products,” said Alejandro Muszak, CEO of Wenance.

“This presents a significant opportunity for us to grow operations in the region, serving a large and underserved demographic in multiple geographies. We plan on adding new products to our portfolio and building on our existing business in Argentina, then expanding into the Latin America region,” he added.

“Our legacy system could not scale with us or meet our growth aspirations. In Mambu we found a solution that is future-proof, flexible and provides unrivalled speed to market. We have migrated all our existing accounts to Mambu and through its innovative approach, allows us to develop our future plans for operations in the region,” he added.

Commenting on the lender’s expansion plans, Edgardo Torres Caballero, Managing Director Americas, Mambu said: “Wenance’s digital-first lending approach is tapping into a massive market segment in Latin America by bringing accessible credit to significant numbers of consumers. We look forward to supporting their innovative operation and geographic expansion in the region.”

Wenance created a high-level IT team to select an API-enabled solution to power a Service Oriented Architecture (SOA) and meet its strategic technology needs. Mambu enablesWenance’s open banking platform which supports automation and artificial intelligence (AI). The right partner was fundamental to the lender’s expansion strategy and the process took nine months with local and international providers being considered. By selecting Mambu as a partner, the business is now able to expand into new markets and launch new products with speed and with confidence. 

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit iliad-solutions.com/

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13071 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10667 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9851 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6957 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6799 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY - USA

Find your next job