Australia-based digital bank Hay has chosen Mambu, a software-as-a-service banking engine, to power its platform as a full service neobank.
Mambu’s API-first, core banking platform will be integrated by Hay into the latter’s custom-built technology ecosystem.
Hay launched a fee-free digital transaction account in February
Earlier in February, Hay launched a fee-free digital transaction account, as part of efforts to build a digital infrastructure to provide Australians with a new mobile-first money solution.
Hay is waiting for approval of its application for a Restricted Authorised Deposit-taking Institute (RADI) license, which is expected to open the gate for Hay to begin operating as a fully-fledged digital bank.
Hay CIO Jason Latham said: “Like Hay, Mambu is genuinely cloud-native and we feel there is a real synergy between our two companies, both having had extensive experience in navigating the digital banking revolution.
“Hay plans to launch a suite of digital banking products this year and Mambu’s true SaaS technology will be a critical part of the technology underpinning all of our offerings.”
Mambu APAC managing director Myles Bertrand said: “By selecting Mambu’s agile and adaptable digital banking solution, Hay can develop innovative products and services that can be continuously updated and improved – all in the cloud – providing a seamless customer experience. We’re excited to see what the future holds for our partnership with this fintech powerhouse.”
In February 2019, Mambu had raised €30m in a funding round, which was led by US-based Bessemer Venture Partners, to accelerate growth.
The company stated existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital had also participated in the round.
Clients of Mambu include banks such as ABN AMRO and Santander, as well as fintechs like N26 and OakNorth, and telcos Globe Telecom and Orange.
