Mambu officials have stated that its technology was selected for its ‘ability to scale and flexibility to disburse instant loans in minutes, helping the lender build credibility in the market’, according to World Finance News.
The implementation reportedly took a short time, with a month to fully integrate Mambu’s cloud platform into the Carbon processes.
In 2020 Carbon received a banking license and transitioned into a full-service bank. Mambu’s API-enabled composable technology allowed Carbon to build daily banking services and e-wallets through partner integrations. According to IBS Intelligence, the microfinance bank now offers a zero-fee account, instant loans, free money transfers, savings, and investment options at market-leading rates, and simplifies payments like airtime and bill payments.
Mambu worked this year on strengthening its product offering through partnerships such as the one with Visa, announced in July 2022. The partnership allows Mambu customers to benefit from a seamless connection to Visa VPS for end-to-end card issuing and processing. As per the agreement, institutions can create unique customer payment card experiences on Mambu, regardless of whether it is a deposit or loan account. They can also leverage Visa’s processing capabilities to deploy new products and solutions.
Mambu had previously signed a strategic partnership with cross-currency money movement Western Union in June, to integrate its solution into the Western Union’s real time multi-currency digital wallet and digital banking platform in Europe.
In May 2022, alternative finance provider for small and medium-sized SMEs ThinCats selected Mambu’s cloud banking technology platform to scale at pace and expand its SME lending offering.
Mambu partnered with Brim Financial to deliver a more powerful digital banking, deposit, lending, and cards platform across Canada and the US. Reaching outside of the North American continent, the fintech had thorough business to attend to in Latin America this year, with Mexico-based microlender CAME (Consejo de Asistencia al Microentrepreneur) migrating its operations to cloud to Mambu in March 2022 and Chilean digital lender Mento has gone live on Mambu’s SaaS cloud banking platform to extend loans via cloud technology to more population segments.
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