Leading cloud banking platform, Mambu, has announced a global partnership with New Zealand-based Ranqx, a fully featured SME loan origination and credit underwriting platform.
The partnership is expected to radically improve the efficiency of loan applications for small and medium-sized businesses and ultimately accelerate the flow of funds to customers.
By utilising Mambu’s API-first digital banking platform, Ranqx aims to provide frictionless digital lending experiences, loan origination, decisioning and monitoring, for small and medium-sized enterprises.
Ben Goldin, CTO/CPO at Mambu, said: “Ranqx’s innovative digital lending platform removes the manual processes inherent with traditional loan applications for small and medium-sized enterprises. This results in cost savings of up to 80 per cent and allows SME banks and lenders to assess and approve loan applications within five minutes, in a fully digital customer experience. This is the kind of innovative tech that Mambu loves to partner with, and we look forward to working together to help our mutual customers.”
Dave Lewis, CEO of Ranqx, said: “By partnering with Mambu and aligning our specialist loan origination and decisioning engine with Mambu, we are able to offer SME banks and lenders an unrivalled loan application and credit decisioning process. Harnessing the power of Mambu’s composable banking platform alongside Ranqx’s best-in-class decisioning technology means that together we can offer SME banks and lenders a significantly more efficient and cost-effective service.”
Myles Bertrand, Managing Director, APAC, at Mambu, added: “Ranqx has developed a ground-breaking loan origination and decisioning engine. Through our global partnership we will remove the costly manual overhead currently required to operate SME banking and lending businesses, resulting in money getting where it’s needed, faster. With the world still grappling with the economic impact of the COVID-19 pandemic, improving the efficiency of loan processing is going to be an essential component in our recovery.”