Supporting non-nonsense savings with Mambu
Chetwood Bank partnered with Mambu to escape the constraints of its legacy core banking system, launching its first savings product in just eight months.
- months to launch first product
- savings products on Mambu
CHETWOOD BANK
About the customer
Chetwood Bank is a UK-based digital challenger bank, with offices in London, Manchester, Fleet, and Wrexham. Founded in 2016 and operating under a full banking licence, the bank prides itself on a no-nonsense approach, delivering fast and reliable financial products to a wide array of customers with minimal friction. Known for its innovative solutions, Chetwood Bank offers straightforward, digital-first banking products that prioritise ease of access, fair pricing and transparency. It consistently challenges traditional banking models, using technology to create better, more accessible financial products.
The bank delivers competitive rates to customers across its savings product range, which includes easy access accounts as well as fixed-term products. Its fast pace of expansion has been driven in part by its specialist mortgage operations, delivered through ModaMortgages and CHL Mortgages for Intermediaries.
The challenge
A legacy core that was a drag on innovation
By 2023, Chetwood faced difficulties to launch new products at the pace the business required. Several internal initiatives had been started but were not gaining traction, slowing down progress. At the same time, its in-house core banking system was reaching its limits, making it harder to scale and pivot quickly in response to increasing customer demand.
The bank’s leadership team recognised that a new approach was needed. Drawing on prior experience of core banking modernisation and digital transformation, they set out to identify and implement a replacement.
The brief was ambitious: deliver a proven, flexible platform that could accelerate go-to-market.
The new system needed to:
- Support fast product launches in a highly competitive British savings market
- Integrate securely with the bank’s AWS-native infrastructure
- Provide flexibility to handle both direct accounts and aggregator channels
- Deliver the scalability to manage billions in balances and large customer volumes
“At that point we were struggling to launch new products. The business needed to pivot quickly, and our existing systems couldn’t keep pace. Mambu allowed us to take a configuration first approach for launching new products whilst augmenting its functionality with our own microservices and stateful orchestrations.”
- Simon Kleinsmith, Principal Technology Architect at Chetwood Bank
The solution
Launching a new savings product at speed
After evaluating several core banking providers, Chetwood Bank selected Mambu’s cloud-native core banking platform in July 2023. The decision was driven by Mambu’s proven track record in the UK, breadth of functionality, and global expertise.
Chetwood worked closely with Mambu’s Professional services team to design and implement its new deposits infrastructure. The collaboration was highly effective, with Mambu practically becoming an extension of the Chetwood team.
The first product—a basic savings account that went live just eight months later. From there, the bank moved quickly:
- June 2024 – Integration with third-party aggregator platform Flagstone where Mambu holds the balances. Launching with Hargreaves Lansdown in 2025.
- October 2024 – launch of the easy access savings account.
- March 2025 – Launch of fixed-rate savings accounts, later enhanced with full maturity journeys.
All products are hosted on Mambu’s cloud-native platform and underpinned by Amazon Web Services (AWS), giving Chetwood the ability to scale securely and reliably.
“Mambu has been direct and clear with us from the start. That’s often more valuable than just saying yes to everything. It means we can design our processes properly and focus our efforts where they matter most.”
- Sergei Bagdasar, Software and Technology Manager at Chetwood Bank
The result
Scaling deposits
Since going live with its first savings account, Chetwood Bank has launched a total of 2 savings products on Mambu — including easy access and fixed-rate accounts.
This multi-channel approach has helped the bank grow rapidly.
Chetwood’s savings products have also been recognised through industry awards, including Best New Savings Provider at the 2025 Moneynet Awards and Best Fixed Account Provider at the 2025 Moneyfacts Awards.
“Mambu has been central to the growth of our savings business. The flexibility and speed of the platform allowed us to go live in months and launch a range of competitive deposit products that meet customer needs. Partnering with Mambu means we can focus on delivering innovative products for our customers, while knowing the underlying technology can scale with us.”
- Julian Hynd, COO and CIO at Chetwood Bank
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