Scottish neobank Alba Bank has said it is moving to Mambu’s cloud banking platform to help manage its SME lending services, as well as its retail and business deposits.
The bank said that by switching platforms it is “embracing a composable approach” and speed up its agility and speed to market.
According to research from Mambu, over the past five years more than half of UK SMEs have been unable to secure any or sufficient funding to cover the needs of their business, on at least one occasion.
“We’re excited to be working with Mambu, and fully embrace a cloud-first approach as this will enable us to build our products quickly, and adapt to ever-changing market demands," said Sandeep Kadam, chief technology officer, Alba Bank. "At times when SMEs are being underserved by traditional lenders, speed to market is crucial - especially as SMEs are the backbone of the UK economy.”
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