Mambu, the leading cloud banking platform, today announced that it was selected by Ualá, the mobile personal finance application, to boost its commercial strategy and new online loan products.
In the first stage of rollout, loans were introduced to selected users which resulted in over 2 million USD loaned out in just 10 months. Thanks to its recent round of financing led by Tencent and SoftBank, Ualá is set to step up the release momentum of new products and the expansion of its customer portfolio.
According to a recent report, in Latin America around 70% of people do not have a bank account. Traditional banks are not equipped to serve Argentina’s digitally connected consumers, as smartphones and mobile technology becomes almost ubiquitous across the region.
Ualá perceived this gap in the market for products that serve people who have a smartphone but no access to a bank account. The fintech is providing new and innovative options for personal investments and opening up new opportunities for unbanked people or consumers who don’t want to deal with traditional banks. Ualá loan requests are completely digital, easy and securely with payments within 24 hours.
Joaquín Diz, Risk Manager of Ualá, highlights: “We have chosen Mambu because of its simplicity and rapid integration to the core of the digital platform."
Mambu is a key partner in our growth strategy, mainly because we were able to implement a new product with all its characteristics in just six months.
"In Mambu we find a solution to support our growth, with the necessary flexibility and unmatched speed for market implementation. We will migrate all our existing accounts to Mambu, since its continuous innovation will allow us to develop our operations in the region," Diz concluded.
Edgardo Torres-Caballero, Managing Director for Mambu Americas, commented on the challenges that Ualá has assumed and said that "online loans are coming to Latin America and, especially to Argentina, one of the countries that is at the forefront in technological innovation in the region. In a market as dynamic and unpredictable, as banking, agility moves from “nice-to-have” to survival issues. In fact, Ualá is an example of agile attention to the demands of the market and the new digital consumers. Mambu is the world’s only truly cloud-native banking platform, and we are honored to collaborate in this innovative initiative and accompany Ualá in its expansion,” added Torres-Caballero.