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.
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