Australian banking major Commonwealth Bank of Australia (CBA) has joined forces with Mambu for its new digital mortgage brand, dubbed Unloan. 

Mambu, which is a software-as-a-service (SaaS) cloud banking platform, is providing the technology foundation for Unloan.

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CBA’s new brand, which was launched last month, is expected to be a ‘revolutionary force’ in the country’s mortgage industry.

Unloan will offer loan refinancing applications in as little as ten minutes and offer a discount that increases every year for up to 30 years, the statement said.

CBA chief architect Brendan Harrap said: “We have selected Mambu to underpin our new home loan brand, Unloan, and look forward to working closely with Mambu as we continue to digitally transform our suite of CBA Group brands.

“Mambu’s SaaS cloud banking platform will enable us to bring in best-in-class solutions from other high-performing fintechs and vendors, build financial solutions that meet the demands and expectations of our customers, and retain our position as Australia’s leading bank.”

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Mambu chief revenue officer Werner Knoblich said: “We are thrilled to be working with CBA, an organisation that has already demonstrated a deep understanding and respect for the power of technology and taken a lead role in Australia’s digital banking revolution, as evidenced by its proactive investment in digital technologies.

“Working with organisations that want to make banking better for everyone is at the heart of what we do at Mambu, and this new partnership with CBA fits that bill perfectly.”

In December 2021, Mambu raised €235m in a Series A funding round at a €4.9bn valuation.