Fuse to provide loans powered by Mambu
Written by Anthony Strzalek
Fuse, the lending arm of Filipino financial technology firm Mynt, has chosen Mambu, an SaaS banking engine, to power its consumer and business lending products.
Mynt aims to increase access to financial services through mobile money, micro-loans and technology by leveraging the mobile and store networks of its partners and parent company.
Mynt, which is owned by Globe Telecoms, launched its lending business, Fuse, in 2016 to address the credit vacuum in the Philippines. Micro, small and medium enterprises (MSMEs), which account for 99.6 per cent percent of total registered companies in the country, as well as individuals face significant difficulty in accessing credit from incumbents due to stringent credit decisioning, limited authentication documentation and lack of collateral.
John Rubio, president and CEO of Mynt, said: "Most Filipinos do not have credit history on which future financial transactions may be based. This, in turn, leads to poor access to legitimate credit facilities and proliferation of informal lenders. Through Fuse, we are changing this scenario in order to provide financial services in a non-traditional manner that will benefit the majority of our population who are unbanked.”
Anthony Thomas, president and CEO of Fuse, added: “Mambu understood our vision and is enabling us to rapidly create, launch, and service tailored products that address the local market needs. In Mambu we have found the right partner to accelerate and scale our lending business, as well as power innovative and secure consumer and business loan products.”