“Having our core banking system based in the cloud is an important milestone for us and for the banking industry in the UK,” OakNorth CEO and co-founder, Rishi Khosla said. He added that the new system would make it easier for his bank to scale “safely and efficiently.”
OakNorth announced back in October that it would opt for Mambu’s infrastructure and API instead of a traditional core banking system. OakNorth has also been working with Amazon Web Services (AWS) and the Financial Conduct Authority (FCA) in the U.K. on a variety of issues, not the least of which was the requirement that financial services firms in the U.K. operate from traditional servers. New guidelines established in the fall of 2015 however now allow businesses to use platforms such as AWS. OakNorth COO Francesca Gandolfo told ComputerWorld UK that the ability to scale at their own pace and platform’s reputation for security led to the bank’s choice of AWS.
Pictured (left to right): Jeff Stewart (Founder, Chairman, Lenddo) and Eugene Danilkis (CEO, Mambu) during their presentation “Smart Consumer Lending: Platform and Scoring Architecture” at FinDEVr New York 2016.
OakNorth was founded in 2015 and earned its full banking license in March 2015. The bank specializes in loans to entrepreneurs and small businesses of between £1 million and £15 million. It has lent more than £120 million since its September launch.
Founded in 2011 and based in Berlin, Mambu has raised more than $13 million in funding with the most recent round a $8.7 million Series B in January. The company works with more than 145 institutions in 35 countries around the world and services a portfolio of more than a million accounts. Mambu demonstrated its native, cloud-based, SaaS banking app at FinovateAsia 2013 in Singapore and discussed its platform earlier this year at FinDEVr New York 2016.