Wallet Engine enters growth phase
Wallet Engine™, Asia’s top fintech startup for mobile wallet infrastructure, leverages Mambu’s cloud banking platform to satisfy customer needs.
Beyond financial inclusion.
Wallet Engine aims to be the go-to solution when it comes to embedding financial services into non-financial apps with users across different countries.
Wallet Engine aggregates capabilities and services under one roof and focuses on the creator economy and its unique needs for small value transactions.
The team has experimented with e-wallets and contextual micropayments for nearly a decade and realised how complex of a process it is for apps to embed financial services especially when cross-border capabilities are needed. In order to scale fast, the team opted for a composable IT foundation.
The Singapore-based team has been piloting products in areas where no one has been looking yet and their aim is to be the enablers of embedded finance, empowering non-financial apps to launch their own branded wallets for seamless money transfers between their users, including micro amounts.
Essentially, sending a dollar across borders should be as easy as sending a text. And it should be seamlessly embedded into any user activity. Enabling new ways for creators to monetise while providing apps with new revenue streams and increased user stickiness.
Global, seamless, bespoke.
Today, the financial services industry is extremely fragmented with tens of thousands of banks and mobile wallet providers. This fragmentation inhibits apps with a global user base from building scalable features using mobile money. Wallet Engine solves this problem by providing a globally compliant Wallet-as-a-Service platform.
Initially, the startup was developing its architecture on a cumbersome legacy core banking system. Not only did it lack agility and was slowing them down, but it also restricted the range of services the business was able to offer.
Thinking more broadly about customer problems they wanted to solve, the team decided to pivot and shift to a new strategy. They needed to base their systems on a composable and lean architecture. Mambu's cloud-native platform provided the fintech with the desired scalability, maximum agility, and speed to market at a fraction of the cost of the legacy core banking system.
With Mambu, Wallet Engine is able to facilitate the backend movement of funds within its system with ease. Mambu’s cloud-native and API-first architecture helped the team to get to the testing stage within a matter of weeks, enabling a composable solution that empowers them and allows Wallet Engine to be as agile as their customers need them to be.
Panel discussion with Wallet Engine's leadership team - Gregor Arn (CEO & Co-founder), Barry Hurley (COO & Co-founder) and Myles Bertrand, Managing Director, Mambu APAC.
Wallet Engine's leadership team: Gregor Arn (CEO & Co-founder), Barry Hurley (COO & Co-founder).
Currently operational in Singapore, Wallet Engine will roll out services across APAC in 2022 while also working on its Web3 roadmap.