New10 Partners With Mambu To Redefine Dutch SME Lending
BERLIN – October 5th , 2017:
Mambu today announced that New10, ABN AMRO’s newly launched FinTech, has selected the SaaS engine to power a range of small and medium enterprise (SME)lending products in the Netherlands. New10, which aims to provide credit decisions within 15 minutes, went from concept to launch within 10 months, in line with ABN AMRO’s vision of digitisation and innovation.
“New10 combines the best of two worlds: the characteristics of a FinTech with ABN AMRO’s financial knowledge and resources”, says Mark Schröder, Co-Founder and Commercial Director of New10. “We combine extensive experience within the bank with digital skills and innovations from outside as the market is changing rapidly and becomes increasingly digital.”
“To bring New10’s fully digital approach to life, we took an entrepreneurial approach choosing to work fully in the cloud as it becomes the new norm”, said Jaap Boersma, CTO of New10. “We needed a solution native to that environment which shared the lean and agile attributes of our business.
Mambu offers us scalability, flexibility and speed to market at a fraction of the cost of traditional core systems,” Boersma added. Commenting on the New10 launch, Eugene Danilkis, CEO of Mambu said: “We believe that ABN AMRO’s approach of launching an independent business that operates like a FinTech is the optimal model for incumbents looking to succeed in a constantly evolving banking environment. They have taken an agile approach and leveraged best-in-class technologies to address an underserved yet potentially high opportunity market’’.
“Their approach is also an illustration of how cloud technology can be used to innovate quickly and simply. We are immensely proud to be helping to power this banking revolution,” Danilkis added.
Implementation within four months
Mambu took a collaborative approach working with the New10 team in order to complete implementation within four months. In a highly regulated environment, Mambu’s partnership with Amazon Web Services (AWS) which has received Dutch regulatory approval, helped smooth the path to market. New10 launched on 21 September 2017 with a fully digital SME lending platform with plans to broaden the portfolio and potentially expand into new markets. Find out more about how Mambu worked with New10 to launch this innovative lending FinTech at LendIt Europe on 9 October in London.
New10 helps owners of SME businesses to finance their plans and ambitions for growth.
Our goal is to set up a new norm in SME lending by offering a fully digital application process from uploading financials to signing contracts. New10 provides the credit decisions within 15 minutes with clear conditions and insights of the applicant’s financial health. Entrepreneurs can complete their application wherever and whenever they like. Fast, simple, and clear.
New10 is an initiative by ABN AMRO. We combine the financial knowhow of the bank with the agility of a start-up. Our clients get the attractive interest rate of a loan from the bank, with the ease and speed of an online financing partner. That’s what we call the new norm in SME lending.
For more information about New10, please visit new10.com.
Mambu is the leading SaaS engine powering innovative banking and lending, the lean alternative to cumbersome core banking systems. Helping clients to successfully start up new business ventures, transform existing operations, launch new products and expand into new markets. Mambu provides financial institutions of all sizes with the agility to rapidly design, launch, service and scale their banking and lending portfolio.
Launched in 2011, our technology powers over 5000 loan and deposit products which serve over 4 million end customers. With more than 180 live operations in over 45 countries, ranging from FinTech revolutionaries to traditional banks, Mambu is helping financial institutions evolve and thrive in the digital age.