SaaS banking engine Mambu gains 'Challenger' spot in Gartner MQ

Software  as a service (SaaS) banking engine Mambu has been positioned as a challenger in Gartner's 2019 Magic Quadrant for Global Retail Core Banking.

The quadrant analyses the core banking market, and how it is being shaped by digital banking transformation.

"[There is] an increased focus on commercial off-the-shelf packages, public cloud and open banking initiatives. Bank CIOs should evaluate core banking products in the broader context of the open core banking ecosystem," the report states.

"The definition of a CBS (core banking system) hasn't changed significantly over the years. However, CBS offerings are evolving from autonomous islands of functionality to collaborative, open-banking-enabled platforms. Moreover, the shift to open banking platforms is integrating all of the stakeholders in a bank's value chain: financial technologies (fintechs), technology partners, bank employees, customers, regulatory authorities and other banks.

Mambu CEO Eugene Danilkis comments, "We are delighted to be included in the 2019 Magic Quadrant for Global Retail Core Banking."

"We believe it acknowledges our growth and the impact of cloud providers in the market. We see that the market is changing, and banks have realised the need to be built to change quickly instead of building a finite vision of the future. This agility and control is what we offer banks: the ability to compose their own architecture."

Mambu was founded in 2011 with the aim of providing a modern cloud-native banking platform. Since then, it has grown significantly to win over 130 clients globally including ABN AMRO's New 10, leading venture-backed fintechs N26 and OakNorth, and non-banks like Cheers Paytech.

"This is the first year Mambu was evaluated in the report and we believe being positioned as a Challenger confirms that our strategy and technology is rapidly gaining traction in the market. It motivates us to continue to innovate, grow and further change the market," says Danilkis.

Mambu's flexible API-driven technology provides financial institutions of all sizes with the agility to rapidly design, launch, service and scale their banking and lending portfolio.

Mambu's team comprises more than 200 people spread between our main offices in Amsterdam, Berlin, Singapore, London, Iași (Romania) and Miami servicing over 130 clients with over 14 million end users in over 45 countries.

Gartner's criteria for a vendor's ability to execute includes evaluating the product or service, overall viability, sales execution/pricing, market responsiveness/record, marketing execution, customer experience, and operations. The evaluation criteria for completeness of vision includes market understanding, sales strategy, offering (product) strategy, vertical/industry strategy, innovation and geographic strategy.