German Neobank C24 Extends Mambu Deal Following Launch
Following its successful launch, the German greenfield digital retail bank, C24, has extended its partnership with Mambu.
Founded by Check24 in 2020, C24 Bank is both fully regulated and BaFin-approved. It provides convenient and secure banking services along with features to help customers optimise their finances and save money.
At its founding, C24 Bank partnered with Mambu to launch its greenfield banking services. The partnership helped it release its deposit offering in just 14 months, and this successful collaboration has seen C24 elect to continue leveraging Mambu’s modern core foundation as it scales.
C24: Gaining traction in the German market
C24 Bank’s partnership with Mambu has allowed it to build a product that has gained substantial attention and traction in the German market.
Following the first four years of its founding, C24 can shift its focus to fostering greater innovation in partnership with Mambu as opposed to primarily managing its core infrastructure.
With Mambu’s continued support, C24 hopes to expand its product set and quickly react to frequent market changes and the ever-changing expectations of customers.
Lasse Schmid, Geschäftsführer (Managing Director) at C24 says: “At C24 Bank, we want to provide a unique offering to our customers. We are the only bank in Germany that pays interest in all our current account products.
“Mambu has helped us to provide that. We are looking forward to extending our partnership with the aim to serve 1 million customers and to continue to deliver exceptional customer experiences.”
Nick Lawler, Market Director, EMEA at Mambu adds: “After five successful years of collaboration, we are thrilled that C24 Bank has chosen to extend our partnership as it continues to build out its deposit products and services.
“It has been incredible to witness the growth of C24’s offerings, underpinned by Mambu’s cloud banking platform.
“We have seen how Mambu can simplify and streamline banks' ability to launch innovative services, and we look forward to empowering C24 Bank on its mission to help customers optimise their finances.”
Partnering with a growing fintech
The success C24 has seen with Mambu would not have been possible without the sustained growth and success of the fintech itself.
Utilising a composable approach, Mambu’s software-as-a-service (SaaS) model provides banks with a faster time-to-market – as witnessed by C24 – and added complexity, when compared with legacy core solutions implemented at traditional financial institutions.
As you would expect, Mambu’s SaaS model runs on a cloud-native platform, and today it counts over 260 financial services providers as partners – all of which have been able to transform their operating models by leveraging Mambu.
Earlier this year, we spoke to Mambu’s SVP of Product and Engineering, Omar Paul, about a Mambu and Google Cloud co-produced report detailing the multi-billion dollar savings opportunity that cloud transformation represents.
Around 61% of legacy banks admit difficulty in reducing churn, with the option for many now to expedite the implementation of a cloud core.
Indeed, McKinsey and Co. has predicted that banks successfully managing this transition can contribute to a value creation opportunity of US$20tn.
It is worth noting, however, that core banking transformation is a difficult process to enact without disrupting core processes.
That’s why, today, many elect for multi-cloud and hybrid multi-cloud adoption – to reap the benefits of cloud without disrupting existing infrastructures – on the slow path to cloud adoption in financial services.
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