Alba Bank and Mambu collaborate to redefine SME lending in the UK

Alba Bank and Mambu collaborate to redefine SME lending in the UK

Alba Bank, a Glasgow-based challenger bank keen on improving lending experiences for SMEs, announced a partnership with Mambu, the globally recognised true SaaS cloud banking platform.

The collaboration comes as Alba Bank strives to meet the underserved needs of SMEs by developing innovative products and offerings. By utilising Mambu’s cloud banking platform, Alba Bank aims to bolster its composable approach, thereby increasing its agility and shortening time-to-market.

Alba Bank, holding a UK banking licence, has consistently pushed the envelope to support SMEs, helping them realise their growth potential. Their focus is on addressing the challenges SMEs face in the financial market, especially in securing adequate funding.

Mambu, launched in 2011, stands as the world’s premier SaaS cloud banking platform. Their composable approach allows financial institutions of varying sizes to create tailored financial offerings. Mambu’s platform is trusted globally, serving over 260 clients across 65 countries, including household names like Western Union, N26, and Commonwealth Bank of Australia.

This alliance will allow Alba Bank to craft a future-ready, digital-first banking approach. Moreover, Alba Bank will benefit from Mambu’s expertise in swiftly designing and deploying financial products and accessing world-class partnerships.

Recent data reveals that 58% of UK SMEs, in the past half-decade, faced challenges securing adequate funding at least once. Additionally, a staggering 93% expressed willingness to switch lenders for superior services. Alba Bank’s strategic move to incorporate Mambu’s platform can be seen in this context, as they seek to provide an unmatched lending experience to SMEs.

Mambu Market Director, Northern Europe, Nick Lawler said, “We are delighted to kick off our work with Alba, Scotland’s newest bank. Now more than ever, the availability of finance is key to the success of all SMEs. Pain points for this segment need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”

Alba Bank Chief Technology Officer Sandeep Kadam added, “We’re excited to be working with Mambu, and fully embrace a cloud-first approach as this will enable us to build our products quickly, and adapt to ever-changing market demands. At times when SMEs are being underserved by traditional lenders, speed to market is crucial – especially as SMEs are the backbone of the UK economy.”

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