Bank for entrepreneurs chooses platform for faster time-to-market, business agility, flexibility and security
BERLIN, GERMANY – October 26: Mambu, the SaaS banking platform provider, today announced that OakNorth Bank, a newly launched and fully-authorised bank for small and medium sized companies, has selected Mambu as a leading edge banking technology partner. Combining the lending expertise typically associated with a traditional bank with the technical and business agility of an online lender, OakNorth chose Mambu’s platform for its speed, flexibility and security versus a traditional core banking system, allowing it to more rapidly enter, and better meet the needs of, the growing small and medium sized lending market in the UK.
Mambu’s infrastructure and API will enable OakNorth to offer business loans with flexible terms to small- and mid-sized enterprises to enable their future growth. The bank also obtained approval from the UK regulators to accept deposits and make savings products available to individual retail and small business customers. Building on the Mambu platform will help OakNorth challenge and outmatch traditional banks, peer to peer (P2P) lenders and other alternative lending options in regards to service and loan distribution.
“To properly meet the needs of entrepreneurial growth businesses in the UK, we knew we needed a radically different approach to customer service than what was available from traditional banks. This meant merging the best practices of commercial and retail banking with the technical flexibility and dexterity of an online digital disruptor,” said Rishi Khosla, CEO and Founder of OakNorth Bank.
“Mambu’s banking technology is the core of our digital architecture, enabling us to rapidly bring new products to market and focus our innovation around giving our customers great service with a level of agility we couldn’t get from a traditional core banking system. Changes to our systems can be made much more quickly than other banks, often in days rather than weeks, meaning we’re able to adapt to the needs of our customers, offering solutions where others can’t and moving away from the ‘computer says no’ mentality that plagues the industry.”
An early Paypal investor, Rishi Khosla draws upon his prior venture capital investment experience and that of fellow Copal Amba co-founder Joel Perlman to inform the bank’s ‘digital-first’ strategy. OakNorth has attracted a heavyweight leadership team, including Lord Turner of Ecchinswell, the former Chairman of the Financial Services Authority.
“The U.K. is one of the fastest growing areas for alternative lending in the EU, which can make it difficult for any challenger bank to compete in this environment. OakNorth recognized it needed a banking platform that would simplify and streamline the loan origination process for SME businesses to maintain a competitive edge,” said Eugene Danilkis, CEO of Mambu. “Mambu ’s banking technology will give OakNorth the flexibility needed to support future growth ambitions.”
About OakNorth Bank
OakNorth Bank is a new British bank for small and medium sized companies. It provides loans, to enable entrepreneurs to grow their businesses, property development finance, and savings accounts.
The bank was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch OakNorth by the challenges they faced when securing finance from high street banks. The Board is chaired by Cyrus Ardalan, former vice-Chairman of Barclays, and includes Lord (Adair) Turner, Senior Independent Director, and Robert Burgess, Non-Executive Director.
OakNorth breaks from the UK banking norm of only lending to small companies which have property as collateral. It offers loans secured against a range of other assets, including stock, debtor books, plants and machinery, as well as unsecured loans, which are better suited to many of the UK’s high- growth small businesses.
OakNorth Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It has offices in London and Manchester.
Visit oaknorth.com for more information.