Mambu’s cloud-native platform will allow Nimble to develop innovative lending products in-house, at a rapid pace, while the company begins to explore potential options and experiments with core digital banking product capability.
Nimble, launched in 2005, was the first company in Australia to launch straight-through processing, allowing customers to receive their funds within an hour of confirmation of the loan. It has since provided unsecured credit to more than one million Australian customers and has been recognised for being instrumental in the development of the financial technology industry in Australia.
“While we’ve had enormous success up to this point, we’ve been acutely aware that it was time to diversify and grow the business,” said Nimble’s Managing Director & CEO, Gavin Slater. “To do that we knew we’d need to update and improve our technology, to become more agile and responsive to what our customers need as we make the shift into being able to provide comprehensive banking services. We’ve always had a reputation for being at the forefront of fintech in Australia, so utilising a cloud-based, customisable engine was a strategic goal from the outset.”
Myles Bertrand, Mambu’s Managing Director, APAC, said, “The composable nature of Mambu’s platform will allow Nimble to continue to be exactly that – nimble – at a time when the industry is experiencing tremendous, transformative change. We’re excited to see how Mambu’s cloud-native banking platform will help Nimble evolve into an innovative competitor in the alternative lending market and, eventually, in the mainstream digital banking market.”
Nimble Chief Digital & Innovation Officer, Jason Barry, said, “The tangible enthusiasm and support from the Mambu team, plus their ability to showcase how they can help us achieve our goal, has helped in affirming our partnership going forward. Mambu’s product offerings are scalable and have been very simple to use as we take these initial steps to eventually completely transform our business. We’re able to design products and offerings to meet specific customer needs, with Mambu’s composable banking platform proving to be agile, adaptable and cost-effective. This composable banking strategy is complementary to our own evolving digital platform strategy and is a natural fit with our API-driven design mindset.”