Nordic fintech pioneer migrates products to Mambu and launches revolving credit loan
Mambu today announced that pioneering Nordic digital lender, Folkefinans, is leveraging the SaaS banking engine to power its long-term growth strategy. Folkefinans chose Mambu for its flexibility and scalability which allows the lender to keep focus on launching new products to meet changing customer and regulatory requirements.
Founded in 2006, Folkefinans AS is a Norwegian finance and credit company with operations in Sweden, Finland and Estonia serving more than 350,000 customers. The lender is delivering higher customer value than market alternatives through digitised operations and a proprietary risk model to enable easy access to products and services, as well as quick response rates.
As part of its growth strategy, Folkefinans is migrating existing products across all geographies to Mambu within the year and has introduced a new product. The revolving credit loan will be available in Sweden and Norway from April 2018 to give customers more choice and flexibility.
"We were one of the first digital consumer lenders in the region and as we've grown, the need to expand our portfolio of products has become rapidly apparent. However, we found that our custom-built lending platform could not keep pace with our aspirations so we sought a solution that could help us differentiate and go to market quickly," said Martin Holmin, Chief Technology Officer of Folkefinans.
"Mambu's functionality matched our requirements perfectly: it integrates seamlessly with our existing ecosystem and is highly configurable which makes it able to cope with regulatory changes, a key requirement for us. Mambu allows us to scale and launch new products quickly and also gives us a holistic customer view with actionable insights which helps us develop products tailored to customer needs and deliver services without having to spend time and resources on managing the old infrastructure," he said.
"We have seen an increase in the number of fintechs that achieved initial success and are currently looking to expand operations by diversifying, moving beyond a monoline product offering. These companies built all their technology in-house but now realise that partnering with Mambu provides them with the product factory and account servicing engine to expand quicker and react to market changes faster. This allows them to focus their valuable engineering resources on customer experience, credit scoring and value-adding integrations," said Eugene Danilkis, CEO of Mambu.