Cloud banking platform Mambu and digital lending platform Ranqx have joined forces to improve the efficiency of loan applications for small and medium-sized enterprises (SMEs) and accelerate the flow of funds to customers.
Ranqx aims to utilise Mambu's API-first digital banking platform to provide frictionless digital lending experiences, loan origination, decisioning, and monitoring for SMEs.
“Ranqx's innovative digital lending platform removes the manual processes inherent with traditional loan applications for small and medium-sized enterprises. This results in cost savings of up to 80% and allows SME banks and lenders to assess and approve loan applications within five minutes in fully digital customer experience,” said Ben Goldin, the CTO/CPO at Mambu.
“This is the kind of innovative tech that Mambu loves to partner with, and we look forward to working together to help our mutual customers.”
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Dave Lewis, the chief executive officer of Ranqx, said the partnership would help the company “offer SME banks and lenders an unrivalled loan application and credit decisioning process.”
“Harnessing the power of Mambu's composable banking platform alongside Ranqx's best-in-class decisioning technology means that, together, we can offer SME banks and lenders a significantly more efficient and cost-effective service,” he continued.
Myles Bertrand, the managing director for APAC at Mambu, added: “Ranqx has developed a ground-breaking loan origination and decisioning engine. Through our global partnership, we will remove the costly manual overhead currently required to operate SME banking and lending businesses, resulting in money getting where it's needed, faster.”
“With the world still grappling with the economic impact of the COVID-19 pandemic, improving the efficiency of loan processing is going to be an essential component in our recovery.”