Alternative lender ThinCats partners with Mambu

Friday 20 May 2022 11:20 CET | News

Alternative finance provider for small and medium-sized SMEs ThinCats has selected Mambu’s cloud banking technology platform to scale at pace and expand its SME lending offering, according to Explode Africa.

ThinCats was established in the wake of the global financial crisis to provide assistance for small and medium-sized enterprises (SMEs) that were underserved or not receiving traditional loans. It has become a major alternative lender, focusing on funding the needs of around 450,000 small and medium-sized businesses in the UK.

With a current loan book of more than GBP 650 million and ambitions to surpass the GBP 2 billion mark in the next few years, Mambu’s flexible and composable cloud platform will enable ThinCats’ ambitions to support the growth of many more mid-sized businesses.

A Mambu report found that more than two-thirds of all small and medium-sized businesses (SMEs) worldwide have not been able to obtain sufficient funding, or none, on at least one occasion. It also showed the vast majority (92%) of SMEs are open to changing lenders for different or simpler digital support – demonstrating the opportunity for new market entrants.

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Keywords: partnership, Mambu, lending
Categories: Banking & Fintech
Companies: Mambu, ThinCats
Countries: United Kingdom
This article is part of category

Banking & Fintech




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