Alba Bank Partners with Mambu to Revolutionise SME Banking
Alba Bank just announced its strategic partnership with Mambu, a leading cloud banking platform. This collaboration is set to redefine how SMEs access lending services and manage their retail and business deposits.
Supporting UK SMEs
Founded by Scottish entrepreneur Jim McColl in 2018, Alba Bank was born out of a vision to bridge the growing gap in financial services for small and medium-sized enterprises (SMEs) in the UK. Based in Glasgow, the Scottish fintech has been developing new solutions to provide commercial finance to UK SMEs that have long felt underserved by traditional banking institutions.
Embracing the Future with Mambu's Cloud Banking Platform
Alba Bank's partnership with Mambu represents a significant move towards achieving its mission. By harnessing the power of Mambu's cloud banking platform, Alba Bank will adopt a "composable approach" that promises to revolutionise the way it serves SMEs. This approach empowers the bank with greater agility and speed to market, a much-needed change for SMEs striving for financial support in an ever-evolving business landscape.
Addressing the Funding Gap
A report from Mambo shows that over the past five years, a staggering 58% of UK SMEs have faced have been unable to secure adequate funding to meet their business needs. Many SMEs are struggling to stay afloat or seize growth opportunities.
The report highlights the critical importance of impeccable service in the eyes of SMEs. 93% of them would contemplate switching lenders if a competitor offered a superior service. This is why financial institutions like Alba Bank need to deliver not just funding but also a customer-centric experience that SMEs truly deserve.
Nick Lawler, Market Director, Northern Europe at Mambu, says:
“Now more than ever, the availability of finance is key to the success of all SMEs. SME pain points need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”
Sandeep Kadam, Chief Technology Officer at Alba Bank adds:
“We’re excited to work with Mambu and fully embrace a cloud-first approach. Our partnership will enable us to build our products quickly and adapt to ever-changing market demands. At a time when SMEs are being underserved by traditional lenders, speed to market and agility are both crucial. Mambu’s ability to offer both will enable Alba to build a great banking experience for our customers.”
