Space Bank launches Georgia's first cloud only bank
In 2017, TBC reached a decision to create a neobank that exists only as a mobile app, without traditional branches and no physical presence. Structured as an autonomous business, Space Bank provides customers with the full range of retail banking services including loans, saving products and payment cards.
To ensure Space Bank's long-term success, there was a need to create a simple, design-oriented, transparent and customer-centric daily banking experience. The team embarked on a journey to fundamentally change the way people access their daily financial services and challenge the Georgian banking sector.
Space Bank aimed to deliver a full daily banking mobile service with superior customer experience, placing a special focus on differentiating by design, customer care, price transparency and instant service delivery. Having chosen a fintech approach, Space was launched on Mambu due to its composable, cloud-native and API-driven nature, which supported expansion with fast time to market.
The first Georgian neobank was taken from concept to launch in just eight months, and the go-live took place in May 2018. Today, Space is independent and, when it comes to people, processes and culture, operates like a truly agile fintech. On top of that the neobank is able to leverage the resources and experience of TBC, one of Georgia's biggest banks. The bank’s current offers include loans, savings accounts, payment cards, rewards and payment services like P2P transfers. For the first time, Georgian customers can benefit from a truly end-to-end digital experience.