Software as a service cloud banking platform Mambu has launched a digital solution to help small- and medium-sized enterprise (SME) lenders quickly launch products and adapt to changes.
Mambu said the platform provides banks and fintechs with robust, scalable loan management technology and gives them easy access to partners for web-based identity authentication, credit checks and loan origination.
It said these partners are necessary for lenders wanting to offer quick loan approvals, while the digital solution cuts the costs and time for SMEs to come to market.
The solution offers a variety of options to adjust loan conditions to support borrowers that are in financial difficulties and this flexibility aids clients to better serve SMEs and to release the financial burden present during Covid, Mambu said.
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“Small businesses have been greatly affected by the pandemic,” said Elliott Limb, chief customer officer at Mambu.
“Whether that’s starting a new company or growing an existing one, there’s never been a bigger requirement for SME lenders to offer the services their customers need.
“And with Mambu’s composable approach we provide an agile way for our clients to build and shape new financial services around the businesses they want to help.”
Mambu cited the International Finance Corporation’s estimate that there is an unmet financing need of $5.2trn (£3.8trn) every year across 65 million firms, or 40 per cent of micro, small and medium businesses globally.
In July, global fintech lender IPF Digital partnered with cloud banking platform Mambu and open banking solutions provider Salt Edge to become Payment Service Directive 2 compliant and contribute to greater financial inclusion in the European market.