Neolender ThinCats taps cloud banking vendor Mambu as it looks to scale
Neolender ThinCats has selected Mambu’s cloud banking technology as it looks to scale and expand its small and medium-sized enterprise (SME) lending offering.
ThinCats taps Mambu for its SaaS tech platform
The alternative finance provider was set up following the global financial crisis to help mid-sized SMEs underserved by traditional lenders. The platform has already enabled SMEs to borrow more than £1.2 billion.
ThinCats will leverage Mambu’s core banking solution to scale funding for, and support the growth of, mid-sized businesses in the UK.
Recently, the lender appointed a new chief technical officer, Billy Ferguson and secured up to £100 million in additional funding.
“As a cloud-native business, Mambu’s platform aligns with ThinCats’ technology strategy and provides a wider ecosystem of fintech products to facilitate its growth aims,” Ferguson says.
“This ability to rapidly configure new products and connect to partner systems was key to the decision to choose Mambu.”
ThinCats uses “bespoke funding structures” and transparent processes to support approximately 450,000 businesses and has a current loan book worth more than £650 million.
The firm says it intends to surpass the £2 billion mark “in the next few years”.
Mambu’s head of UK and Ireland, Richard Morgans, says SMEs represent a “significant market opportunity”.
“This is a rapidly growing segment of the market and we expect to see the business scale rapidly as demand for non-traditional lending continues to grow,” he adds.
