Digital lender expands into new market launching consumer loan product tailored to local requirements
Mambu today announced it has signed a deal with Kreditech, the leading technology group for digital consumer lending using machine-learning based underwriting, to support the online lender’s entry into the Indian market. Kreditech currently operates in Europe and Latin America and will expand into India in early 2018, together with its partner PayU, a global online payments provider and Mambu client in Latin America. Mambu’s SaaS banking engine will empower Kreditech to launch a short-term lending product specifically tailored to local consumer and regulatory needs.
“Kreditech’s mission is to provide financial freedom for the underbanked through technology. By using alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge. We offer them access to loans and thereby help them to gain economic independence,” sais Alexander Graubner-Müller, CEO of Kreditech.
“Given the nature of our business, we understand the value of technology and cloud-native solutions like Mambu. Mambu is modern, well designed and highly robust. The solution easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands. With Mambu taking care of the loan servicing, we can focus on growth as well as creating a differentiated and tailored customer experience,” explained Graubner-Müller.
Commenting on the deal, Eugene Danilkis, CEO of Mambu said: “Mambu’s SaaS engine helps power Kreditech’s innovative lending-as-a-service offering, which in turn leverages PayU’s customer and merchant base. This is an excellent example of how fintech convergence can drive strategic growth and expansion.“
The loan product is expected to go live in the first quarter of 2018, all data will be hosted by AWS India.