Innovation Norway Selects Knowit and Mambu to Modernise its Core Banking Technology

Innovation Norway has selected Knowit and Mambu to modernise its core banking platform, marking a significant milestone in the digital transformation of public financial services. The new solution, powered by Mambu’s cloud-native technology and seamlessly integrated into the Norwegian financial systems by Knowit, will optimise Innovation Norway’s loan, grant, and guarantee functions, enabling greater efficiency and scalability for the organisation and the businesses it supports.

As Norway’s government-owned national development bank, Innovation Norway plays a pivotal role in supporting innovation and business development across all counties in the country. To support the needs of its customers, Innovation Norway requires a replacement for its legacy banking solution, which currently handles critical functions related to loans, grants, and guarantees, including loan origination, product configuration and setup, funding management, credit processes, and case management.

“Many established institutions are locked into legacy environments making it incredibly challenging to adapt to new consumer and market demands. We are excited to partner with Knowit to deliver a modern, cloud-based banking solution to Innovation Norway.

Our platform offers the flexibility and scalability needed to future-proof Innovation Norway’s operations, while driving innovation in key areas like loans, grants, and guarantees. This collaboration is an important step towards empowering Norwegian businesses for the future.” Jorno Levels, Commercial Lead Nordics & Baltics, Mambu.

The new core banking solution will streamline manual processes, enhance data quality, and enable improved real-time insights. These advancements align with Innovation Norway’s objectives of fostering greater digitalisation and operational efficiency. Knowit, serving as the primary system integrator, will ensure smooth implementation and integration of the new platform within Norway’s financial ecosystem.

“We’re proud to support Innovation Norway in realising its digital transformation goals. Together with Mambu we are delivering a solution that will automate processes, improve data management, and provide real-time insights, empowering Innovation Norway to better serve Norwegian businesses. We already have extensive experience from implementing and modernizing financial solutions in the Nordic markets” Jan Georg Lehmann, Chief Commercial Officer, Knowit Financial Solutions.

“Innovation Norway plays an important role as an industrial bank supporting Norwegian companies by offering the full range of financing solutions: risk loans, market loans, guarantees, and grants. We are looking forward to further improving our services together with Knowit and Mambu by building a financial platform that will serve our customers in the years to come.” Leon Bakkebø, EVP Banking & Financing, Innovation Norway.

The project spans four years, with an option for annual extensions up to eight years. The agreement was signed last week and the work to develop and improve the financial platform has already started.