German digital consumer lender Kreditech has signed a deal with Mambu to support its foray into the Indian market.

Currently, Kreditech operates in Europe and Latin America and aims to expand in India by the first half of 2018.

The company has already partnered with online payments provider PayU for its endeavour.

Under the collaboration, Kreditech will employ Mambu’s SaaS banking engine to launch a short-term lending product customised to suffice local consumer requirements and fulfil regulatory needs.

The loan product is expected to be launched in this quarter while all data will be hosted by AWS India.

Kreditech CEO Alexander Graubner-Müller said: “By using alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge. We offer them access to loans and thereby help them to gain economic independence.”

“Given the nature of our business, we understand the value of technology and cloud-native solutions like Mambu. Mambu is modern, well designed and highly robust.

“The solution easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands. With Mambu taking care of the loan servicing, we can focus on growth as well as creating a differentiated and tailored customer experience.”

Mambu CEO Eugene Danilkis said: “Mambu’s SaaS engine helps power Kreditech’s innovative lending-as-a-service offering, which in turn leverages PayU’s customer and merchant base.”