Mambu Signs New Customer in the Philippines for Cloud Banking Services
MANILA, The Philippines, October 8, 2013 /PRNewswire/ --
Cloud banking technology provider Mambu has expanded its footprint in the Philippines, with Negosyong Pinoy Finance Corporation (Venture South Philippines), as its newest customer. More than 100 financial organisations are now using Mambu's software-as-a-service solution worldwide and NPFC , a growing provider of credit to micro, small and medium enterprises, is Mambu's third customer in the Philippines.
Established in 2011, NPFC, an SME-focused financing company, provides loans and other services to entrepreneurs and small businesses that are looking to grow their businesses and need access to working capital in order to do so. NPFC has an office in Pasig City and also covers the province of Cebu with a portfolio of PHP 87.7 million as of September 31, 2013. The portfolio will approach PHP 120 million by the end of the year. Aside from the Philippines, Venture South also operates in Colombia.
NPFC's adoption of the Mambu platform will help the company achieve scale by expanding its business and extending services to more of the country's micro, small and medium enterprises. Mambu will also help NPFC improve its customer experience, through Mambu's mobile workforce Android app, giving field staff access to real time data on the go; and through Mambu's client portal, which will give NPFC clients more direct access and control of their accounts than ever before. The implementation is expected to go live by the end of November.
J. Rico Coligado, President of NPFC (Venture South Philippines) said, "As NPFC strives to expand and grow its services, we believe that Mambu is the best fit that would support the MIS requirement of our operation. We are happy to be partnering with Mambu."
With the micro, small and medium business sector representing 99.6%* of all business in the Philippines and more than 63% of employment, access to finance is a critical issue for those businesses looking to grow, in order to fuel economic growth and development in the Philippines.
Eugene Danilkis, CEO and Co-Founder of Mambu added, "Companies such as NPFC are critical in providing access to finance for the 'missing middle', the micro, small and medium businesses that are driving economic growth worldwide. With Mambu's affordable and flexible software-as-as-a-service, financial innovators such as NPFC can rapidly address and support these new market opportunities without the excessive costs previously associated with software licenses, maintenance and in-house infrastructure."
About Venture South
Venture South International was founded in 2008 by George Petty with a commitment to assist MSMEs by providing them reasonable and responsive credit. Micro, small and medium enterprises are active creators of economic wealth, employment and income opportunities and Venture South feels that financing these businesses is the best way to expand the economy and grow the middle class. Prior to establishing Venture South, Petty had worked in microfinance for more than 12 years and met with microfinance clients in every corner of the earth. During his extensive travels, he noted that there existed a financing gap between microfinance and banks. This space between microfinance and banks is called the "Missing Middle" and Venture South was established as a social enterprise to financing needs in this niche. For more information, please visit http://www.venturesouth.net
Mambu enables any financial institution to deliver state-of-the-art banking through its software-as-a-service cloud solution. Agile, flexible and open, Mambu eliminates the complexities typically associated with core banking software, at a fraction of the cost. Mambu makes it simple and cost-effective to provide essential banking services such as loans and deposits. Established in 2011, the Berlin-based company works with more than 100 institutions in 26 countries worldwide, servicing a portfolio of more than $100M. Our clients range from small to large microfinance organizations and other financial innovators that are seeking to address the financial needs of the world's 250 million micro, small and medium enterprises in need of loan, savings and insurance services. For more information, please visit http://www.mambu.com
* Source: Government of the Philippines, Department of Trade and Industry: http://www.dti.gov.ph/dti/index.php?p=321