Space Digital Bank, a cloud-based neobank based in Georgia, has launched with a core banking system powered by Mambu.

Space, the brainchild of Georgia’s largest banking group TBC Bank, is structured as an autonomous business and provides customers with a “full range” of retail banking services including loans, savings products and payment cards.

The aim of the bank is to deliver a “full daily banking mobile service” with “superior customer service”, according to Lasha Gurgenidze, project leader at Space. A big differentiator, and what helped the bank launch in eight months from concept, was the expertise of parent group TBC.

Mambu, he adds, was a “clear choice” when it came to selecting a core banking system, due to its position as “the leading global SaaS banking engine.”

Related: Ex-SAP chief joins Mambu

“A year ago, several TBC team members decided to create a neobank that exists only as a mobile app, without branches and physical presence,” said Nika Kurdiani, deputy CEO at TBC Bank.

“TBC, in a way, created its own competitor. We think this challenge brings a new reality not only to TBC but also to the Georgian banking sector. It aims to change the way people access their daily financial services.”

Eugene Danilkis, CEO of Mambu, added: “Space Bank is a great example of a growing trend: traditional institutions building the next generation of their financial services outside their traditional IT stacks. This strategic approach allows them to provide tomorrow’s digital banking services today and quickly deliver customer and business value, while demonstrating the benefit of modern technology and agile development to the parent organisation.”

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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