As it gears up for its launch later this year, RBS’ new digital-only bank, Bó, has selected Mambu as its core banking technology provider. The incoming challenger bank has already taken a 25% stake in e-money start-up Loot, and is expected to run a marketplace style model by partnering with several such fintechs.
For Mambu, this is yet another challenger bank added to its impressive arsenal as a market leader in core banking SaaS provision, whose cloud native solution is gaining preference with both challengers and incumbents’ digital ‘spin-offs’.
Furthermore, this quote from banking expert Andrew Barber of Pinsent Masons, may indicate Mambu will have a busy year ahead as:
“Out of necessity to defend their market share, and recognising that the tide of regulation and commercial reality isn’t flowing exclusively in one direction, banks have begun to build or invest in ventures which rely on the same regulatory innovations and consumer demands as their new competitors.”
Incumbent built or backed digital-only banks have been rapidly growing internationally, led by Golman Sachs’ Marcus which has exceeded USD 35 billion in deposits, and Mambu are helping their European counterparts catch up (adding Bó to ABN Amro spin-off new10) with their ‘speedboat’ launching mentality.