Tide mulls launch of P2P lending product
Business banking platform Tide is considering expanding into peer-to-peer lending in the long-term, after partnering with cloud banking platform Mambu.
Tide announced on Thursday that Mambu will be helping it to revamp its offerings for small- and medium-sized enterprises (SMEs), including larger overdrafts, credit cards and invoice financing in multiple geographies.
Tide also announced that it plans to allow members to lend to other members via different instruments that will be managed on the Mambu platform.
Tide confirmed to Peer2Peer Finance News that this is a long-term plan which may take the form of P2P lending, although no further details were given at this time.
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“At Tide, we have ambitious plans to provide multiple lending products in multiple geographies and in order to achieve that, we looked for a tried and tested solution which can help us to scale,” said Amit Kahana, VP of credit services for Tide.
“Mambu has an impressive track record of providing the type of products we need to provide our members with the best services, as well as accounting tools which make our finance department’s life much easier.”
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“There is a need to be flexible, agile and customer-centric in the design of financial products,” said Eelco-Jan Boonstra, managing director of Mambu EMEA.
“Legacy technology constraints can undermine even the best innovation strategy.
“Many organisations are hamstrung by system complexity and are unable to take advantage of new tools, and therefore are quickly losing their competitive advantage.
“When today’s customers evaluate financial institutions, they no longer compare different banks, they compare experiences.
“We see this partnership approach as the future of banking technology.”
Tide has more than 150,000 SME customers and over 180,000 business accounts. Its backers include Augmentum, which has also invested in P2P lender Zopa.