Pan-African microfinance bank Carbon Finance has extended its partnership with Mambu to foster the growth of its financial services offering.
This deal will enable Carbon to offer the ‘full-spectrum’ of banking products and services, as well as launch its Carbon Zero product, which is a buy now, pay later service. The BNPL solution will help customers get products and services in areas such as healthcare, finance, travel and wellness.
Founded in 2012, Carbon began as a lending platform in Nigeria. It initially teamed with Mambu to expand and used the cloud-native banking platform to scale and disburse instant loans.
In 2020, Carbon received a banking licence and is evolving into a full-service, customer-centric bank. Mambu’s API enabled composable technology allowed Carbon to build daily banking services and e-wallets through partner integrations.
The microfinance bank now offers a zero-fee account, instant loans, free money transfers, savings and investments options at market-leading rates, and simplifies payments like airtime and bill payments.
Carbon Finance CEO Chijioke Dozie said, “We engaged Mambu a decade ago because it ticked all the boxes as a cloud banking platform. We were looking for great customer service and a robust cloud-native platform.
“Combining Mambu with our architecture allows us to continue scaling and make a real difference to the lives of our customers. We see a future where modern banking experiences are accessible to all, and this further collaboration with Mambu takes us one step closer to that vision.”
Mambu closed its Series E round in late 2021. It raised €235m at a €4.9bn valuation, with contributions coming from EQT Growth.
The company also issued a warning to banks of evolving customer behaviour as people move online. Its ‘The Financial Tribes You Need to Know’ report found that nearly two thirds (61%) of consumers globally have made greater use of digital banking services over the last 18 months and two in five (41%) have started using digital banking services for the very first time because of the pandemic.
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