UK-based B2B challenger bank Tide has selected cloud banking platform Mambu to power its revolving credit facilities and overdrafts for SMEs.
The German technology vendor said that it will help Tide to scale up its operations and revamp its product offerings for SMEs, including larger overdrafts, credit cards and invoice financing in multiple geographies.
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Tide credit services VP Amit Kahana said: “Mambu has an impressive track record of providing the type of products we need to provide our members with the best services, as well as accounting tools which make our finance department’s life much easier.”
The B2B challenger bank also announced that it intends to allow members to lend to other members through different instruments, which will be managed on the Mambu platform.
Mambu EMEA managing director Eelco-Jan Boonstra said: “There is a need to be flexible, agile and customer-centric in the design of financial products.
“When today’s customers evaluate financial institutions, they no longer compare different banks, they compare experiences. We see this partnership approach as the future of banking technology.”
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By GlobalDataThe Tide platform has onboarded more than 150,000 SME members globally, which represents one in 40 SMEs in the UK alone.
The platform offers a current account which is integrated with the tools needed to help businesses with administrative tasks like invoicing, expense management and accounting.
