Mambu and Kompasbank partnered for SME lending in Denmark
By Joy Dumasia
Kompasbank, the Danish challenger bank for SMEs, has announced going live on Mambu owned SaaS banking platform. Kompasbank is the first cloud-only bank in Denmark and embraces a fully digital architecture to differentiate its service and products.
Kompasbank fills a gap in the Danish financial market, where small and medium-sized businesses drive economic growth and boost employment but suffer from poor access to financing options and advisory services. According to kompasbank, SMEs in Denmark represent about 99% of all companies.
The technology concept for the bank is to compose its platform using integration. This API-driven approach is set to speed up development. It allows them to integrate quickly with new internal or external systems to help drive product and service innovation.
Carsten Smith, COO at kompasbank, said: “We believe that SMEs are the seedbed for our society’s future prosperity. This is where tomorrow’s solutions are created, and it’s a wasted opportunity if we don’t help them realise the full potential of their innovative power. We have set ourselves ambitious targets to serve SMEs in Denmark, and we think Mambu is the right choice to help us on our growth trajectory, thanks to their proven and truly cloud-native, API-first architecture.”
Eelco Boonstra, MD EMEA at Mambu, said: “Today, no one else is doing what kompasbank is doing in Denmark – they are eliminating banks’ internal bureaucracy and waiting time for SMEs. This is a sector that needs better, faster loans, and we believe that Mambu gives financial institutions a powerful competitive edge by allowing them to rapidly create, launch, and service any lending portfolio through a flexible SaaS platform.”
Recently, IBS Intelligence reported that Timo, Vietnam’s first digital bank, has announced it is partnering with SaaS banking platform Mambu to leverage the benefits of a cloud-native core banking platform to scale its business significantly. Timo offers customers a unique, user-friendly ‘banking-on-the-go’ experience, one of Vietnam’s most innovative banks.
IBSi Daily News Analysis
June 09, 2023
There is no ESG strategy in place for almost half of the European SMEs, study revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage