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Signicat and Mambu to digitise identity management services across Europe

By Megha Bhattacharya

February 08, 2021

  • Europe
  • Signicat
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Mambu, cloud, banking, platform, API, digital, COVID-19, fintech, paymentsDigital identity company Signicat today announced a partnership with SaaS banking platform Mambu in a bid to help banks, FinTechs and financial service providers to increase customer acquisition, enhance customer experience and reduce time to market. The collaboration is expected to see the integration of Signicat’s identity platform with Mambu via a single API.

“Global lockdowns have turned a desire for digital services into an urgent need. Our research into consumer attitudes towards onboarding show that financial service providers are struggling to keep up with consumers’ digital demands—and it is costing them customers,” said Asger Hattel, CEO, Signicat. “Partnering with Mambu, a fast-growing and strategic partner set to become one of the world’s largest marketplace players, means we can help more providers unlock the benefits of digital identity.”

According to Signicat, the partnership will enable financial service providers across Europe to onboard customers digitally, conduct web-based identity authentication and use electronic signatures. It is also expected to give financial service providers tools to reduce drop out rate and increase customer acquisition.

Recently, the German Software-as-a-Service (SaaS) banking platform provider Mambu announced a €110 million funding round, bringing the total valuation of the FinTech to over €1.7 billion. The latest round was led by TCV, the growth-stage investor which has previously invested in Netflix, RELEX, Spotify and WorldRemit, with additional investments from Tiger Global and Arena Holdings. Existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners also contributed. According to Mambu, the financing will be used to accelerate growth and deepen its footprint across the 50 markets it already operates in – including Brazil, Japan and the US.

“Identity fraud continues to be a major threat to businesses across the globe and damages trust. And with everyone working from home – the COVID-19 pandemic has only accelerated this. Therefore financial service providers are relying on customer trust and loyalty more than ever,” said Eelco-Jan Boonstra, Managing Director for EMEA at Mambu. “Signicat’s digital identity platform means that you know who you are dealing with and helps you to deliver trusted digital customer experiences.”

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