Today, Mambu, the market-leading cloud banking platform, has announced its partnership with Tide, the UK’s leading business banking platform, to power Tide’s revolving credit facilities and overdrafts for SMEs.
Mambu will help Tide scale and focus on innovating their products. This allows Tide to revamp its offerings for customers, including releasing larger overdrafts, credit cards and invoice financing in multiple geographies. Tide also plans to allow members to lend to other members via different instruments that will be managed on the Mambu Platform.
Amit Kahana, VP of Credit Services for Tide, said: “At Tide, we have ambitious plans to provide multiple lending products in multiple geographies and in order to achieve that, we looked for a tried and tested solution which can help us to scale. Mambu has an impressive track record of providing the type of products we need to provide our members with the best services, as well as accounting tools which make our finance department’s life much easier.”
Mambu enables financial institutions to build new banking and lending experiences with their cloud banking platform in order to compete in the fintech era — and constantly evolve them to respond to change. Through this partnership, Tide will be able to create compelling products for their members, and embrace the opportunities, new technologies and frameworks that will improve the banking experience for SMEs in the UK.
Eelco-Jan Boonstra, Managing Director of Mambu EMEA: “There is a need to be flexible, agile and customer-centric in the design of financial products. Legacy technology constraints can undermine even the best innovation strategy. Many organisations are hamstrung by system complexity and are unable to take advantage of new tools, and therefore are quickly losing their competitive advantage. When today’s customers evaluate financial institutions, they no longer compare different banks, they compare experiences. We see this partnership approach as the future of banking technology.”
With more than 150,000 SME members, representing 1 in 40 SMEs in the UK, the Tide platform consists of a current account that is highly integrated with tools to help small business owners with administrative tasks such as invoicing, expense management and accounting.