SaaS banking platform Mambu has introduced a digital solution for SME lenders in a bid to streamline time to market of new products.

The new offering will provide the financial institutions with a scalable loan management technology to expedite approvals. The platform will also offer access to other partners for identity authentication, credit checks and loan origination.

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The launch comes at a time when SME-focused lenders are seeking to deliver low-risk decisions digitally.

Mambu’s SME lending solution will enable them to launch new products as well as retain flexibility to quickly adapt to changes.

Mambu chief customer officer Elliott Limb said: “Small businesses have been greatly affected by the pandemic. Whether that’s starting a new company or growing an existing one, there’s never been a bigger requirement for SME lenders to offer the services their customers need.

“And with Mambu’s composable approach we provide an agile way for our clients to build and shape new financial services around the businesses they want to help.”

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The new platform is already used by several clients including Recognise Bank.

Recognise CEO Jason Oakley said: “For too long SMEs have had to do with below average service levels. We know that speed and flexibility are critical for SMEs and the current SME banking providers are no longer fit for purpose. This is why we decided to select a cloud solution early on our journey.”

Earlier this month, Slovakia’s 365.bank partnered with Backbase and Mambu to support its digital transformation.