Neolender ThinCats taps cloud banking provider Mambu as it seeks to scale

Neolender ThinCats has chosen Mambu’s cloud banking technology to scale and expand its lending offering to small and medium-sized enterprises (SMEs).

ThinCats uses Mambu for its SaaS technology platform

The alternative finance provider was created in the wake of the global financial crisis to help mid-sized SMEs underserved by traditional lenders. The platform has already enabled SMEs to borrow over £1.2 billion.

ThinCats will leverage Mambu’s core banking solution to increase funding and support the growth of mid-sized businesses in the UK.

Recently the lender appointed a new technical director, Billy Ferguson, and secured up to £100m in additional funding.

“As a cloud-native company, Mambu’s platform aligns with ThinCats technology strategy and provides a broader ecosystem of fintech products to facilitate its growth objectives,” Ferguson said.

“This ability to quickly configure new products and connect to partner systems was key to the decision to choose Mambu.”

ThinCats uses ‘bespoke finance structures’ and transparent processes to support around 450,000 businesses and has a current loan book worth over £650m.

The company says it intends to top the £2bn mark “in the next few years”.

Mambu’s UK and Ireland director, Richard Morgans, says SMEs represent a “significant market opportunity”.

“This is a rapidly growing segment of the market and we expect to see the business evolve rapidly as demand for non-traditional loans continues to grow,” he adds.