African Micro and small business-focused neobank 4G Capital has gone live on Mambu’s cloud banking platform
4G Capital says Mambu’s platform will enable it to scale and expedite its digital journey to meet customer business needs.
Since its inception in 2013, the firm says it has delivered more than 1.75 million loans and decided to move to a cloud-native banking platform to help facilitate its ambitions to scale. The move is also expected to help it expand its customer base across Africa and grow its financial services portfolio.
“Our investment in Mambu enables us to accelerate our mission of growing businesses with capital and knowledge. Mambu provides a best-in-class platform that fits into our existing digital architecture and business processes. We were impressed with their team and working culture, which aligned with our own focus on pioneering innovation and customer success. We share the belief that customers must be at the heart of all that we do. Bridging the finance gap for micro and small businesses is not only about ‘access’; it is a covenant for success.We look forward to maximising the capabilities of Mambu as our systems and operations evolve and grow.” Wayne Hennessy-Barrett, Founder and Chief Executive Officer at 4G Capital, said.
Mambu aims to enable billions of people to have access to modern banking experiences and started in 2011 servicing micro-lenders, primarily in emerging markets in Africa. Today, Mambu has 77 million daily users and over 230 banks and financial institutions as customers.
Peter Richmond, VP of Customer Success at Mambu, said ”4G Capital and Mambu are aligned both culturally and historically. Our partnership means we can close the finance gap to create better banking experiences for groups that have been historically underserved. The micro and small enterprise finance gap across the world is enormous, despite this sector being a key economic driver globally. We are committed to helping 4G Capital support entrepreneurs everywhere in achieving their potential.”
The roadmap for 4G Capital, supported by Mambu, sees a range of new products and services to serve micro and small enterprises, scaling across existing markets of Kenya and Uganda, then into new emerging markets both organically and with channel partners.