ABN AMRO’s newly launched FinTech provides a fully digital loan application process and credit decisions within 15 minutes
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 JaapBoersma, 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.