Backbase, the leading omni-channel banking solution provider, announced today a strategic partnership with Mambu, the Berlin-based cloud banking platform to jointly deliver a unique and powerful turn-key digital banking solution.
In the highly competitive banking industry, financial institutions are looking for ways to increase their speed of innovation and flexibility to offer seamless banking experiences that customers actually want. The outdated legacy infrastructures, however, are inflexible and costly to maintain – making it challenging for financial institutions to innovate, deliver and quickly adapt the products and services modern end-users expect. The Backbase and Mambu partnership will help financial institutions of all sizes to break free from their legacy core and take back control. These new capabilities are pre-integrated, cloud-based and include turn-key applications as well as a fully serviced platform.
This seamless and future-proof approach facilitates fast innovation and unparalleled flexibility that empowers financial institutions across the globe to deliver frictionless digital-first experiences and better meet the needs of today’s customers that prefer experiences over products. Backbase’s and Mambu’s combined offering provides financial institutions with a fully integrated end-to-end cloud-native digital banking solution on an open and modern architecture. Financial institutions that are exploring new ways to modernise their IT infrastructure can create new value for their clients on a daily basis and dramatically reduce their back-end operating costs.
Commenting on this partnership, Jouk Pleiter, CEO and Founder of Backbase says:
“Mambu and Backbase are united in our goal to transform the banking industry. We enable banks to break free from legacy applications and successfully compete in a digital-first world. This is especially true for Greenfield banks, for which we can launch a complete new service in a matter of months. By partnering with Mambu we provide a complete front-to-back solution, agility and creativity that is needed for banks to become loved by their customers ”
Mambu was launched in 2011 with the vision to enable access to modern financial services for all. We make this possible by providing a modern cloud-native banking platform that not only competes with core products from traditional players but changes the market through our composable banking approach. We’re bringing SaaS to banking at a time when it’s needed the most. Our customers range from top tier banks like ABN AMRO and Santander, to leading venture-backed fintechs like N26 and OakNorth to telcos like Globe Telecom. We enable them to build a modern banking or lending offering, in the cloud, by composing a best-for-purpose solution for their needs which is an order of magnitude more agile and cost-effective than the legacy approach to core banking. As a result, we’re taking on the $250B market of banking technology worldwide. We’re currently a team of over 250 people spread between our main offices in Amsterdam, Berlin, Singapore, London, Iași (Romania), Miami, Sydney and Vilnius servicing over 160 customers with over 20M end users in over 60 countries. We’ve raised over €42M to date with the latest round led by Bessemer Venture Capital in SF. For more information, please visit our website or connect with us on Twitter, LinkedIn and Facebook.