Online banking software provider Mambu is reporting that it is experiencing accelerating growth. According to Mambu, during the past 12 months platform utilization has been growing by 10% month on month and is now being used to help manage $600 million.
Mambu was launched in 2011. Its initial focus was loan management for platforms in emerging markets. Today the largest area of growth is with SME financial products including term loans, revolving credit, working capital, asset financing, invoice financing and peer to peer lending. Mambu is also starting to service more transactional banking clients with almost one million active saving, deposit and current accounts and 125 million system transactions per month. Mambu says it is now present in 40 countries across the globe with its platform used for serving nearly two million end-clients and businesses.
Eugene Danilkis, CEO of Mambu, said that 2016 started off on a positive note by receiving €8 million in funding to grow their business.
“Interest in a platform like ours has never been so popular with organizations realizing that the SaaS model brings tremendous benefits in cost and time-to-market advantages to digital-first financial institutions. Mambu is growing at a significant speed and to meet this demand we will more than double the size of the team by the end of the year,” stated Danilkis.
Mambu is also actively encouraging Fintech startups by opening up its platform to innovative Fintech entrepreneurs.
Mambu reported it has added 25 new customers to their portfolio this year with that figure set to double by the end of 2016.