Cloud banking platform, Mambu has announced its partnership with Tide, the UK business banking platform, to elevate its revolving credit facilities and overdrafts for SMEs.

It comes as economic support for SMEs has ever been more integral as they seek to navigate through the turbulent COVID-19 period. 

Amit Kahana, VP of Credit Services for Tide, said: “At Tide, we have ambitious plans to provide multiple lending products in multiple geographies and in order to achieve that, we looked for a tried and tested solution which can help us to scale. 

“Mambu has an impressive track record of providing the type of products we need to provide our members with the best services, as well as accounting tools which make our finance department’s life much easier.”

Mambu seeks to help Tide scale and focus on innovating their products. This allows Tide to revamp its offerings for customers, including releasing larger overdrafts, credit cards and invoice financing in multiple geographies. 

Eelco-Jan Boonstra, Managing Director of Mambu EMEA added: “There is a need to be flexible, agile and customer-centric in the design of financial products. Legacy technology constraints can undermine even the best innovation strategy. 

“Many organisations are hamstrung by system complexity and are unable to take advantage of new tools, and therefore are quickly losing their competitive advantage. When today’s customers evaluate financial institutions, they no longer compare different banks, they compare experiences. We see this partnership approach as the future of banking technology.”

Mambu enables financial institutions to build new banking and lending experiences with its cloud banking platform in order to compete in the fintech era — and constantly evolve them to respond to change. 

Through this partnership, Tide will be able to create compelling products for their members, and embrace the opportunities, new technologies and frameworks that will improve the banking experience for SMEs in the UK.