In news of cross-selling financial products across categories, roboadvisor Wealthfront has gathered a nifty $1 billion of deposit assets for its 2.29% interest-yielding non-bank cash account. Given that the firm has a little over $10 billion in managed investment assets, charges somewhere between 0 and 25 bps on those assets, and took years of wiggly pivoting to get to the current stage, it is fair to consider this influx a big win in terms of client traction. It is also $22 million of annual interest payments. A couple of things come to mind that are worth pulling apart.
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Mambu provides a cloud based service for traditional finance and fintech firms; they operate in 45 countries and launched in 2009; Crowdfund Insider interviews Co-Founder and CEO Eugene Danilkis to talk about the platform's progress. Source
According to Banking Technology, PayU will be implementing Mambu's software-as-a-service based core banking platform; the software will support PayU's short-term deferred payment product; Mambu now has 26 clients which it supports from its Miami office; PayU is currently running a pilot in Colombia but it is expected to roll out services across Latin America. Source
Kreditech, looking to launch in India, partnered with Mambu and their Software as a Service banking platform; Kreditechis planning to launch in India this year with their partner PayU, the payments provider; Alexander Graubner-Müller, CEO of Kreditech, tells Banking Technology that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.; this will now be the sixth country the company is in and they plan to get it up and running in the first quarter of 2018. Source.
We’ve been hosting virtual content sessions for the past few months in order to help our community stay ahead of...
In an interview with AltFi, Mambu CEO Eugene Danilkis explained he thinks the UK is the fintech hub of Europe; the digital banking platform sees this as the case partly because the UK government has done a great deal on bring more competition into the banking system; with the government support you have seen dozens of banking applications submitted and new entrants like Starling Bank, Atom and OakNorth have success; Mambu provides software to incumbents and startups, telling AltFi, “Incumbents will have to think like fintechs in order to develop channels of servicing clients quickly, seamlessly and creatively.” Source.
We’ve been hosting virtual content sessions for the past few months in order to help our community stay ahead of...
Eugene Danilkis, CEO & Co-Founder of Mambu shares his perspective on how banks can continue to compete with fintech companies. Source