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Denmark’s new business bank leverages the SaaS banking platform to help SMEs grow.

New business bank kompasbank today announced their go-live on Mambu’s SaaS banking platform. kompasbank is the first cloud-only bank in Denmark and embraces a fully digital architecture to differentiate its service and products.

We think Mambu is the right choice to help us on our growth trajectory thanks to their proven and truly cloud-native, API-first architecture.
Carsten Smith
COO, kompasbank

kompasbank fills a gap in the Danish financial market, where small and medium-sized businesses drive economic growth and boost employment, but suffer a lack of access to financing options and advisory. According to kompasbank, SMEs in Denmark represent about 99% of all companies.

“We believe that SMEs are the seedbed for our society’s future prosperity,” says Carsten Smith, COO at kompasbank. “This is where tomorrow’s solutions are created, and it is a wasted opportunity if we don’t help them realise the full potential of their innovative power” he adds.

On Mambu’s cloud-native banking platform, kompasbank was able to build fast and flexible customer onboarding, loan and deposit processes. “One of our key features is being able to provide credit decisioning in just 48 hours so that SMEs don’t have to waste precious time waiting in limbo, not knowing whether they will receive their line of credit for weeks or even months,” said Carsten Smith.

Eelco Boonstra, MD Mambu EMEA comments: “Today, no one else is doing what kompasbank is doing in Denmark – they are eliminating banks’ internal bureaucracy and waiting time for SMEs. This is a sector that needs better, faster loans and we believe that Mambu gives financial institutions a powerful competitive edge by allowing them to rapidly create, launch and service any lending portfolio through a flexible SaaS platform.”

The technology concept for the bank is to compose their platform by means of integration. This API-driven approach is set to speed up their development and allows them to integrate quickly with new internal or external systems to help drive product and service innovation in the future.

“We have set ourselves ambitious targets to serve SMEs in Denmark” Carsten Smith, COO of kompasbank comments on their post go-live strategy. “We think Mambu is the right choice to help us on our growth trajectory thanks to their proven and truly cloud-native, API-first architecture,” Carsten Smith concludes.

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