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Mambu enables OKEO to offer multi-currency foreign exchange payments

By Joy Dumasia

August 16, 2022

  • Digital Payments
  • Europe
  • FinTech
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4G Capital, Neobank, Mambu, MSBs, MSMEs, Cloud Banking, Kenya, Uganda, AfricaOKEO, a digital payment service provider for European entrepreneurs and businesses, announced their successful go-live on the cloud banking platform, Mambu. OKEO helps customers save time and money by providing access to modern and professional banking services. Mambu’s composable platform enables OKEO to offer multi-currency foreign exchange payments at rates up to five times better than traditional banks and delivery times ranging from minutes to a maximum of one business day, irrespective of the currency chosen.

Founded in 2019 in Vilnius, Lithuania, OKEO is an all-in-one payments platform designed to maximise cost efficiency and empower businesses with greater control over their finances. The FinTech provides fully-fledged business IBAN accounts and online banking with an intuitive interface that allows teams to manage their profiles, set permissions and limits, and carry out payment transactions. 

OKEO examined the wider core banking market to build their new multi-currency product to find the most flexible, scalable and secure solution. In particular, they prioritised a configurable cloud-native platform that is designed for easy implementation and fast deployment and can facilitate regulatory processes and integrations to the European payment schemes. OKEO selected Mambu and, following a nine-month implementation, successfully launched its new offering.

Katarzyna Kwiatkowska, Chief Executive Officer at OKEO, said: “Customer success is not only the goal of our service. It is also an inevitable element of its delivery process. Which is why we continue expanding our services while being in constant communication with the clients. We partnered with Mambu because their composable approach is a perfect response to the quickly evolving needs of our customers, and they share our customer-centric philosophy. While Mambu keeps the lights on in the back-end, our team can focus on the customer-facing front-end, new features and enriched financial services. We believe that our partnership will enable us to take our offering to the next level.”

Scott Wilson, Regional Vice President of Mambu EMEA, added: “Our partnership is an opportunity for us to collaboratively push the envelope in the multi-currency space. The successful go-live of OKEO services on Mambu is a result of aligned goals and excellent engagement between the teams. We look forward to supporting OKEO’s growth and product expansion goals.”

IBS Intelligence reported that 4G Capital, a neobank powering micro and small business growth in Africa, announced its go-live on Mambu’s leading cloud banking platform. 4G Capital provides unsecured business loans along with enterprise training and access to digital solutions.

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