Mambu announces two new client wins with Australia based Nimble and Hay

Nimble selects Mambu to power first steps towards pivot into mainstream digital banking

Nimble, a leading provider of unsecured credit in Australia, has selected Mambu’s market-leading, pure SaaS solution as its new banking technology platform as the company looks to commence its evolution to ultimately offer mainstream digital banking services.

Mambu’s cloud-native platform will allow Nimble to develop innovative lending products in-house, at a rapid pace, while the company begins to explore potential options and experiments with core digital banking product capability.

Nimble, launched in 2005, was the first company in Australia to launch straight-through processing, allowing customers to receive their funds within an hour of confirmation of the loan. It has since provided unsecured credit to more than one million Australian customers and has been recognised for being instrumental in the development of the financial technology industry in Australia.

“While we’ve had enormous success up to this point, we’ve been acutely aware that it was time to diversify and grow the business,” said Nimble’s Managing Director & CEO, Gavin Slater. “To do that we knew we’d need to update and improve our technology, to become more agile and responsive to what our customers need as we make the shift into being able to provide comprehensive banking services. We’ve always had a reputation for being at the forefront of fintech in Australia, so utilising a cloud-based, customisable engine was a strategic goal from the outset.”

Myles Bertrand, Mambu’s Managing Director, APAC, said, “The composable nature of Mambu’s platform will allow Nimble to continue to be exactly that – nimble – at a time when the industry is experiencing tremendous, transformative change. We’re excited to see how Mambu’s cloud-native banking platform will help Nimble evolve into an innovative competitor in the alternative lending market and, eventually, in the mainstream digital banking market.”

Nimble Chief Digital & Innovation Officer, Jason Barry, said, “The tangible enthusiasm and support from the Mambu team, plus their ability to showcase how they can help us achieve our goal, has helped in affirming our partnership going forward. Mambu’s product offerings are scalable and have been very simple to use as we take these initial steps to eventually completely transform our business. We’re able to design products and offerings to meet specific customer needs, with Mambu’s composable banking platform proving to be agile, adaptable and cost-effective. This composable banking strategy is complementary to our own evolving digital platform strategy and is a natural fit with our API-driven design mindset.”

Mambu digital platform to make Hay a cloud-banking powerhouse

Hay, an emerging Australian fintech, has selected Mambu, the market-leading pure SaaS banking engine, as one of its key technology partners as the company looks to establish itself as a full service neobank. Hay will incorporate Mambu’s flexible, API-first, core banking platform into its custom-built technology ecosystem, alongside a collection of best-of-breed components.

Jason Latham, CIO of Hay said: “Like Hay, Mambu is genuinely cloud-native and we feel there is a real synergy between our two companies, both having had extensive experience in navigating the UK digital banking revolution. Hay plans to launch a suite of digital banking products this year and Mambu’s true SaaS technology will be a critical part of the technology underpinning all of our offerings. We scoured the market and found that there was nothing comparable to Mambu’s composable architecture – and working in the cloud is where we feel most comfortable.”

Andrew Laycock, CEO and Founder of Hay said: “Hay believes that Mambu is the only choice for truly cloud-native fintechs.”

Hay, which earlier in February released a fee-free digital transaction account, is building world-leading digital infrastructure to provide Australians with a new mobile-first money solution. The company is eagerly awaiting approval of its application for a Restricted Authorised Deposit-taking Institute (RADI) licence, which will open the gate for Hay to begin operating as a fully-fledged neobank.

Myles Bertrand, Managing Director, APAC, at Mambu, said: “The Australian banking and finance industry is ripe for disruption at the moment, and innovative new players like Hay are seriously going to shake things up, providing a much-needed wakeup call to those banks and financial institutions that haven’t considered their digital strategy yet. By selecting Mambu’s agile and adaptable digital banking solution, Hay can develop innovative products and services that can be continuously updated and improved – all in the cloud – providing a seamless customer experience. We’re excited to see what the future holds for our partnership with this fintech powerhouse.”