Four new clients set to go live on Mbanq’s BaaS platform in Q4 as company reports strong growth
Banking-as-a-Service (BaaS) provider Mbanq has revealed an additional four clients are set to go live with its platform in Q4 this year as the company reported strong growth figures.
Mbanq reports positive growth for 2023
In its latest statement, the US-based digital banking provider – which serves banks, credit unions and financial institutions in the US, Europe and Asia – declared that its revenue doubled last year in comparison to its 2021 figures, while also projecting to achieve the same feat in 2024.
It attributes 60% of its revenue climb to the launch of new client platforms, and anticipates that 50 more platforms are set to launch within the next 18 months.
In the last year, its BaaS platform has most notably been utilised by Barbados-based challenger Sagicor Bank, and more recently, to power the US debut of Cheqly, a neobank providing digital bank accounts, cards and payment solutions for enterprising start-ups.
With Q4 underway, Mbanq says it is set to support a total of four new digital bank launches in the US by the end of the year, namely:
- the launch of app-based neobank Bloxley;
- the immigration-focused online banking service USA National;
- Mana Pacific, a neobank serving Pacific Islanders;
- and PoetrYY Finance, a service provider for the financially underserved.
Reflecting on the firm’s latest growth milestones, CEO Vlad Lounegov describes Mbanq as “well-positioned” to sustain its growth trajectory.
Operating from its headquarters in Naples, Florida, Mbanq has sought to reinforce its international presence and support its client growth by establishing itself across three new locations over the last year, including opening a regional headquarters in Bellevue, Washington; a European outpost in Podgorica, Montenegro; and an office and development centre in Bangalore, India, which opened in December 2022.
