kompasbank is the first cloud-only bank in Denmark and embraces a fully digital architecture to differentiate its service and products.

kompasbank fills a gap in the Danish financial market, where small and medium-sized businesses drive economic growth and boost employment, but suffer from poor access to financing options and advisory services. According to kompasbank, SMEs in Denmark represent about 99% of all companies.

Carsten Smith, COO at kompasbank, said: “We believe that SMEs are the seedbed for our society’s future prosperity. This is where tomorrow’s solutions are created, and it’s a wasted opportunity if we don’t help them realise the full potential of their innovative power.”

On Mambu’s cloud-native banking platform, kompasbank has been able to build fast and flexible customer onboarding, loan and deposit processes. “One of our key features is being able to provide credit decisioning in just 48 hours, so that SMEs don’t have to waste precious time waiting in limbo, not knowing whether they will receive their line of credit for weeks or even months,” added Smith.

He continues: “We have set ourselves ambitious targets to serve SMEs in Denmark and we think Mambu is the right choice to help us on our growth trajectory, thanks to their proven, and truly cloud-native, API-first architecture.”

Eelco Boonstra, MD EMEA at Mambu, said: “Today, no one else is doing what kompasbank is doing in Denmark - they are eliminating banks’ internal bureaucracy and waiting time for SMEs. This is a sector that needs better, faster loans and we believe that Mambu gives financial institutions a powerful competitive edge by allowing them to rapidly create, launch, and service any lending portfolio through a flexible SaaS platform.”

The technology concept for the bank is to compose their platform by means of integration. This API-driven approach is set to speed up development and allows them to integrate quickly with new internal or external systems to help drive product and service innovation in the future.