GBB has selected Mambu to enhance its digital offerings
By Joy Dumasia
Mambu, the Saas Cloud banking platform, has been selected by GBB, a new British bank focused on property and development finance, to let Mambu power its ground-breaking digital offering. Founded to get Britain building, GBB will be a dedicated lender to SME property developers in the most underserved regions of the UK.
Currently, only around 245,000 of the government’s annual 300,000 house building target is being met. Mambu’s cloud-native platform will make it quicker and easier for GBB to respond to market changes while delivering banking products and excellent customer experiences, driving long-term growth and profitability. Mambu has been working with GBB for three years, responding to a brief to innovate and iterate as it grows.
GBB is on a mission to support the recovery of Britain’s construction sector by providing property development loans of between £1 million and £5 million to regional property developers, SMEs, and construction companies across the North East, Yorkshire and North West. GBB expects to receive its banking licence later this year and offer bespoke development financing, an area of commercial lending underserved by the incumbent banks.
GBB aims to lend £3 billion over five years, building a £1 billion-plus balance sheet. It will fund almost 20,000 homes and several million square feet of office space, supporting the creation of over 100,000 jobs. For savers, competitive fixed rates will be protected by the Financial Services Compensation Scheme (FSCS).
Elliott Limb, Chief Customer Officer at Mambu, said: “Unlike most challenger banks, GBB recognises the potential of Northern England. This part of the UK has been underserved for decades, and GBB’s model is vital to its development. We have a strong partnership with GBB and are looking forward to supporting them in bringing financial access to the property developers and SMEs in the regions.”
Recently, IBS Intelligence reported that Mambu, a leading SaaS cloud banking platform, has been selected by BancoEstado to improve customer access to digital services.
IBSi Daily News Analysis
June 01, 2023
With ECB nearing its launch, could Digital Euro become a reality?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage