Netherlands-based cloud banking platform Mambu has announced it has expanded its market reach across cloud providers Amazon Web Services (AWS), Google Cloud, and Microsoft Azure.
With the new platform expansion, Mambu customers have a choice of provider based on their specific business, technical and regulatory requirements, located in the same or a different geographical region, without impacting availability or service levels.
Mambu’s composable platform provides components that can be selected and assembled in various combinations to satisfy specific user requirements. The recent development comes with promises of more diverse customer choice, a secure foundation to meet financial security standards, and higher reliability for all three cloud providers.
The announcement follows a record USD 235 million Series E funding round for Mambu in December 2021, which brought the company valuation at EUR 4.9 billion post money.
US-based SME lender Kapitus has recently announced selecting Mambu’s cloud banking platform as its technology foundation. Kapitus will leverage Mambu’s low-code, composable lending engine to achieve a faster time-to-market as it evolves the commercial lending space, according to the official press release and Money2020 USA announcement. Kapitus reportedly chose Mambu because its user interface makes it easy for someone with little to no coding experience to create financial products, as explained by company officials.
Founded in 2006, Kapitus is both a direct lender and a marketplace with an network of financing partners offering a variety of products. Kapitus has provided over USD 4 billion in growth capital to over 50,000 small businesses. Kapitus, either directly or through trusted partners, offers products tailored to the needs of small businesses, including term loans, sales-based financing, SBA loans, equipment leases, and revolving lines of credit.
With Mambu as its core banking system, Kapitus can service and manage a growing number of client contracts, while releasing new financing solutions for SMBs.
The United States Digital Lending Market is expected to reach a CAGR of 11.4% between 2022 - 2027. The same sources predict that digital lending in the US is expected to find several opportunities, especially among SMEs, for growth and adoption. Further, during the COVID-19 pandemic, the government aims to support the people.
According to U.S. Small Business Administration cited by Mordor Intelligence, there are USD 310 billion in sub-USD 1 million loans to small businesses. Additionally, the US Federal Reserve Bank of New York estimates that there is unmet credit demand of approx. 100 billion, resulting from banks’ unwillingness to make small-dollar loans. Technology-led digital lenders are garnering interest in their ability to partner with banks in order to meet the untapped demand.
To learn more about Mambu, check out the company profile in The Paypers Company Database.
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