SME bank Recognise goes live on Mambu’s SaaS platform

By Megha Bhattacharya

Mambu has announced that UK-based SME bank Recognise has gone live on its SaaS financial services platform. Mambu stated that its agile platform will give Recognise a competitive advantage allowing it to fundamentally change the way services are offered to small businesses by unlocking an entirely new value exchange between SMEs and their bank.

Recognise’s initial offering is a range of products in commercial property, and working capital loans for SMEs. It soon plans to introduce other savings as well as asset finance products. Before the official go-live, Recognise had seen over £333m of enquiries, and the bank’s goal is to underwrite around £250m in new loans, spread across all of its product lines before March 2022.

Jason Oakley, CEO of Recognise said, “We pride ourselves on treating clients with respect and building strong relationships with our customer base. We respect small business owners for the value they bring to our economy and local communities. We have a very pragmatic approach to lending and savings (soon to be launched). When selecting a supplier, we chose Mambu as we saw a great match with our culture and ethos. We share a passion towards understanding the challenges of our customers and go above and beyond to offer solutions to address them.”

“There was an urgent need to serve a market where speed and flexibility are critical so we built a seamless cloud-based solution. We partnered with Mambu, and were supported by several leading fintech partners to quickly scale and deliver speedy and expert services to SMEs.”

Recently, i-exceed, a provider of digital banking solutions, announced a partnership with Mambu, a SaaS banking and financial services platform. By joining forces the companies plan to leverage each organisation’s niche strengths and offer banks, financial institutions, and FinTechs end-to-end customer engagement solutions. The partnership is expected to benefit all types of institutions ranging from digital-only, challenger, tier 1, regional and community banks, credit unions, and non-banking financial institutions to adopt a cloud-based approach to transform their offerings.

Elliott Limb, Mambu’s Chief Customer Officer said, “The launch of Recognise bank marks a significant milestone for UK’s SMEs and Mambu is proud to partner with Recognise to cater to their needs. We feel privileged to work so closely with such an enthusiastic team, and see products we believe will revolutionise the banking experience for small businesses. This successful go-live is a result of collaboration, openness, commitment, and cutting-edge technology practices. Recognise and Mambu have a solid partnership, and we are committed to help Recognise reach its ambitious growth goals.”