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Alexander Graubner-Müller, CEO of Kreditech

Mambu has announced a deal with German company Kreditech, AI-based digital consumer lender, to support the lender’s entry into the Indian market in the first quarter this year 2018. Kreditech already has operations in Europe and Latin America.

Mambu’s cloud-based SaaS banking engine will help the lender launch a short-term loan service designed around the needs and regulations of the Indian market. The service will be hosted by AWS India.

The lender already has an ongoing partnership with PayU, a payments provider, which happens to be a Mambu client for its Latin America operations.

Read more: Mambu selected by Argentinian lender Wenance to help expansion across Latin America

“Kreditech’s mission is to provide financial freedom for the underbanked through technology,” commented Alexander Graubner-Müller, CEO of Kreditech. “By using alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge. We offer them access to loans and thereby help them to gain economic independence.”

He added: “Given the nature of our business, we understand the value of technology and cloud-native solutions like Mambu. Mambu is modern, well designed and highly robust. The solution easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands. With Mambu taking care of the loan servicing, we can focus on growth as well as creating a differentiated and tailored customer experience.”

“Mambu’s SaaS engine helps power Kreditech’s innovative lending-as-a-service offering, which in turn leverages PayU’s customer and merchant base,” said Eugene Danilkis, CEO of Mambu. “This is an excellent example of how fintech convergence can drive strategic growth and expansion.”

Read more: New10 picks Mambu for SME lending

Back in May 2017, PayU invested $120 million in the German Lender, and they already announced back then their intentions to expand to India.

Kreditech co-founder Sebastian Diemer is also the founder of Finiata, the finance platform targeting SMEs, freelancers, and the self-employed.

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com