Mambu, Ranqx Partner To Enhance SMB Digital Lending
Berlin’s Mambu is partnering with New Zealand digital lending platform Ranqx, which will use Mambu’s API-first digital banking platform to provide digital lending experiences, loan origination, decisioning and monitoring for small- to medium-sized businesses (SMBs), according to a press release.
Mambu CTO Ben Goldin said Ranqx’s digital lending platform does well by removing a lot of the manual processing that often makes things cumbersome for businesses.
“This results in cost savings of up to 80 per cent and allows [SMB] banks and lenders to assess and approve loan applications within five minutes, in a fully digital customer experience,” Goldin said in the release. “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.”
Ranqx CEO Dave Lewis said the partnership could “offer [SMB] banks and lenders a significantly more efficient and cost-effective service.”
“By partnering with Mambu and aligning our specialist loan origination and decisioning engine with Mambu, we are able to offer [SMB] banks and lenders an unrivalled loan application and credit decisioning process,” he said, according to the release.
In addition to this partnership, Mambu has worked to power U.K.-based cloud bank Oaknorth, the release says, along with “ABN AMRO and Santander as well as major FinTechs like N26 and telcos such as Globe Telecom and Orange.”
Mambu worked with B2B cross-border technology firm Currencycloud in order to let clients quickly work to put virtual accounts, collections, foreign exchange services and payments in place. The changes aim to improve speed and control in banking.
And, Mambu worked with Tide, the business banking platform, to expand offerings for larger overdraft releases, credit cards and invoice financing, alongside Tide’s initiative to let members lend to other members via new integrations.
Of that partnership, Eelco-Jan Boonstra, managing director of Mambu EMEA, said the goal was to help businesses adapt to new technologies rather than risk being left behind.