Greece’s first challenger Praxia picks Temenos T24 core banking system
Praxia Bank, the first challenger bank in Greece, has selected Temenos’ T24 core banking system, targeting the area of SME lending.
Anastasia Sakellariou, CEO
Since it’s the first system for Praxia, the bank will be built based on this greenfield implementation project, which aims to allow the bank to offer further digital products to its customers, like deposits, auto loans etc.
“As a start-up bank, we are starting fresh to build a bank with the customer experience in mind, and without being weighed down by legacy technology,” says Anastasia Sakellariou, CEO, Praxia Bank.
Praxia has plans to launch a network of retail stores and business hubs, so the choice on system was based on the ability to deliver on its digital-first vision from in-person to online.
The onboarding process will also be completely digital, with a single front-end for any and all interactions with the bank.
The bank’s top execs believe that since Greece is starting to see signs of economic recovery, the bank could help the economy grow by supporting small and medium businesses through financing.
Praxia aims to grow its loan portfolio to €4 billion by 2022.
Among its investors is Atlas Merchant Capital, a private equity firm set up by Bob Diamond, ex-CEO of Barclays, and David Schamis, ex-MD of J. C. Flowers.
Overall, challenger banks seem to be digging the Swiss banking tech supplier, with two US-based ones having recently selected T24 for launch: Varo Money and Grasshopper.
