Micro and small business-focused neobank 4G Capital has gone live on Mambu’s cloud banking platform.
4G Capital, which provides business loans to micro-enterprises in Africa to help support growth, has switched to Mambu’s cloud-native banking platform as it looks to scale across East Africa and develop new products and services.
The neobank, which also provides enterprise training and access to digital solutions, says Mambu shares its mission of bridging the finance gap.
4G Capital founder and CEO Wayne Hennessy-Barrett says: “Our investment in Mambu enables us to accelerate our mission of growing businesses with capital and knowledge.
“Mambu’s platform fits into our existing digital architecture and business processes. Bridging the finance gap for micro and small businesses is not only about ‘access’; it is a covenant for success.”
4G Capital has delivered more than 1.75 million loans since its founding in 2013.
It leverages proprietary AI technology to minimise default risk, allowing businesses to access funding with products designed to increase their take-home earnings and improve access to vital services.
Mambu VP of customer success Peter Richmond says: “Our partnership means we can close the finance gap to create better banking experiences for groups that have been historically underserved.
“The micro and small enterprise finance gap across the world is enormous, despite this sector being a key economic driver globally.”
In March, 4G Capital completed a Series C funding round which saw global private equity fund Lightrock invest $18.5 million.
Image and article originally from www.fintechfutures.com. Read the original article here.