Alba Bank partners with Mambu to enhance SME lending
By Gloria Methri
Scottish neobank Alba Bank has announced that it will migrate to Mambu’s cloud banking platform to manage its small and medium-sized enterprise (SME) lending services, as well as its retail and business deposits.
Alba Bank understands the unmet challenges faced by SMEs and is currently working to develop products and offerings that will allow them to thrive. By switching to Mambu’s cloud banking platform, Alba Bank will be embracing a composable approach, enhancing its agility and speed to market.
Nick Lawler, Market Director, Northern Europe at Mambu said, “We are delighted to kick off our work with Scotland’s newest bank. Now more than ever, the availability of finance is key to the success of all SMEs. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with the neobank as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”
Alba Bank has successfully secured a UK banking license and has moved into mobilisation as it aims to support SMEs to grow and realise their potential.
Sandeep Kadam, Chief Technology Officer at Alba Bank said, “We are excited to be working with Mambu, and fully embrace a cloud-first approach as this will enable us to build our products quickly and adapt to ever-changing market demands. At times when SMEs are being underserved by traditional lenders, speed to market is crucial – especially as SMEs are the backbone of the UK economy.”
By partnering with Mambu, Alba will be able to build a bank in a digital-first, future-proof way. In addition to this, Alba will address and overcome the challenges of building products and services quickly while having access to world-class partners, including Mambu.
IBSi Daily News Analysis
November 29, 2023
APAC Deepfake incidents surge as global fraud landscape evolvesRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage