Challenger SME lender BridgeFund has selected Mambu to build upon its range of financial offerings by implementing its cloud-based solutions.
Providing its entrepreneur clients base with an alternative financing platform to enable them to deposit money and loans, BridgeFund turned to Mambu’s cloud banking platform to also scale its standing across the Dutch market.
Previously running on an in-house-built core banking system, BridgeFund revealed it needed a robust platform that allowed for scaling with volume of their current products, while supporting new offerings and geographies.
The Amsterdam-based firm chose Mambu for its cloud banking platform to free up resources and focus on innovation and steering away from maintaining legacy infrastructure.
Jeroen Groenewegen, CTO at BridgeFund, said: “We realised that in order to fulfil our mission of bridging the capital gap for SMEs, we needed to streamline our core foundation. However, our in-house system wasn’t built with large scale expansion in mind, so we had to look at alternatives – this is when we found Mambu.
“Mambu’s quick time-to-market meant we were online with deposits in just six months and are currently working on doing the same with lending.”
Highlighting SMEs as a vital backbone of many national economies, Mambu’s research reveals that there is a €5.2trn lending opportunity for platforms like BridgeFund to capitalise on.
The Netherlands is the second largest market for alternative financing in Europe, after the UK. Alongside Mambu, BridgeFund is seeking to enhance its offerings with flexibility to bolster thousands of underserved SMEs on a global level.
Nick Lawler, Market Director, EMEA at Mambu, added: “At Mambu, we are able to take BridgeFund to the next level, helping it build and deploy financial offerings at scale, with ease of use and speed in mind.”
“Supporting SMEs has always been a passion point for us at Mambu. Our research revealed that more than two thirds of SMEs globally (67%) have been unable to secure sufficient, or any, funding on at least one or more occasions. Small businesses are the lifeblood of every economy. Their success is our future, so we need to ensure they’re being looked after – and BridgeFund does just that.”
