ThinCats, an alternative lender, chooses Mambu to be its core technology platform

ThinCats, a major alternative finance provider for small and medium-sized SMEs, has chosen Mambu’s leading cloud banking technology platform to scale at pace and expand its SME lending offering.

ThinCats was established in the wake of the global financial crises to provide assistance for small and medium-sized enterprises (SMEs) that were underserved or not receiving traditional loans. It has become a major alternative lender, focusing on funding the needs of around 450,000 small and medium-sized businesses in the UK.

With a current loan book of more than GBP650 million and ambitions to surpass the GBP2 billion mark in the next few years, Mambu’s flexible and composable cloud platform will enable ThinCats’ ambitions to support the growth of many more mid-sized businesses.

Thincats Chief Technology Officer Billy Ferguson: “SMEs are critical to the UK’s economy, but many face challenges in securing funding or encounter lengthy application processes, in part, due to legacy technology platforms. As an alternative lender, we aim to fill this gap in the market by providing speed and flexibility, creating bespoke funding structures and transparency during the funding process.”

“We needed a technology partner that understood our vision and could support delivery. As a cloud-native business, Mambu’s platform aligns with ThinCats’ technology strategy and provides a wider ecosystem of fintech products to facilitate our growth aims. It is a parameter-based product that ThinCats can use to quickly service existing customers and create new products. This ability to rapidly configure new products and connect to partner systems was key to the decision to choose Mambu.”

A Mambu report found that more than two thirds of all small and medium-sized businesses (SMEs) worldwide have not been able to obtain sufficient funding, or none, on at least one occasion.

It also showed the vast majority (92%) of SMEs are open to changing lenders for different or simpler digital support – demonstrating the opportunity for new market entrants.

Richard Morgans, Head UK and Ireland at Mambu: “SMEs represent a significant market opportunity but, if they struggle to access capital through traditional means, alternative finance lenders like ThinCats are in a prime position to help. This is a rapidly growing segment of the market and we expect to see the business scale rapidly as demand for non-traditional lending continues to grow.”

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