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Georgia’s Largest Bank Launches Digital Neobank in Eight Months

TBC Bank supports the country’s first cloud bank powered by Mambu 

Berlin: Leading SaaS engine, Mambu, is powering Space Digital Bank, the first fully cloud-based banking solution in Georgia.

The fintech-inspired initiative was taken from concept to launch in just eight months by digital pioneers at TBC Bank, the country’s largest banking group. Structured as an autonomous business, Space provides customers with the full range of retail banking services including loans, saving products and payment cards. For the first time, Georgian customers can benefit from a truly end-to-end digital experience with intuitive interfaces, simple, real-time processes and features.

“A year ago several TBC team members decided to create a neobank that exists only as a mobile app, without branches and physical presence,” said Nika Kurdiani, Deputy CEO at TBC Bank. “TBC, in a way, created its own competitor. We think this challenge brings a new reality not only to TBC but also to the Georgian banking sector. It aims to change the way people access their daily financial services.”

“Our aim is to deliver a full daily banking mobile service with superior customer experience,” said Lasha Gurgenidze, Project Leader at Space. “We put a special focus on differentiating by design, customer care, price transparency and instant service delivery. We are a fintech in every sense from people and processes, to our culture. The biggest advantage of our model is the ability to leverage the resources and experience of TBC Bank while operating independently. We are a lean and agile organisation and we sought out partners with similar attributes. As the leading global SaaS banking engine, Mambu was the clear choice.”

“Mambu is API-driven which was strategically important for the integration of products and features. With its flexible composable architecture, we have been able to build and launch from scratch in just eight months and are primed to scale up products and grow further strategically. That is the power of the right technology,” explained Gurgenidze.

Commenting on the launch, Eugene Danilkis, CEO of Mambu said: “Space Bank is a great example of a growing trend: traditional institutions building the next generation of their financial services outside their traditional IT stacks. This strategic approach allows them to provide tomorrow’s digital banking services today and quickly deliver customer and business value, while demonstrating the benefit of modern technology and agile development to the parent organisation. With the right technology supporting them, these spin-offs are ideally suited to address market shifts and industry changes. We are proud to power Space Bank’s digital journey and look forward to supporting their rapid growth.”