Delivering differentiated end-to-end BaaS technology propositions to the US Market
Mbanq is a leading BaaS provider in the US, one of the fastest-growing BaaS markets in the world. Mbanq targets brands across a number of sectors such as Ivy League Universities, top sports teams, and celebrities offering them a comprehensive ‘as-a-service’ package such as branded deposit programs and debit cards, credit cards, lending and payments. Temenos partners with Silicon Valley-based Mbanq to power innovative Credit Union-as-a-Service (CUaaS) and to accelerate BaaS adoption in the US. BaaS enables any brand or FinTech to embed relevant financial services into their customer journeys with a modern front and back-end technology package. Temenos has also made a minority investment in Mbanq to capture the BaaS market which has seen explosive growth on the back of embedded finance valued at $7 trillion market capitalization by 2030.
“We are delighted to expand our partnership with Temenos. Powered by Temenos open platform, Mbanq expands its BaaS value proposition across the entire spectrum of embedded finance, from concept to delivery to operations. Mbanq enhances its technology stack to offer embedded finance at scale to any e-Commerce brand.”Vlad, Lounegov, Chief Executive Officer, Mbanq
Mbanq has robust relationships with numerous partner banks providing compliant banking operations and enabling them to participate in the lucrative BaaS market. Temenos composable banking platform combined with Mbanq’s complimentary technologies such as a multi-currency, multi-asset patented digital wallet, brings to market a differentiated BaaS proposition for FinTechs and brands on the one hand and modern and compliant banking and payments capabilities to the regulated partner banks on the other. This partnership opens up the opportunity to target mid-sized banks in the US, enabling them to not only launch BaaS services such as deposits, credit cards or Buy Now Pay Later, but also future-proof their technology stacks by kicking off an incremental core banking renovation. This solution is a new end-to-end comprehensive service to help US Credit Unions of any size accelerate their digital transformation and deliver innovative digital financial services and outstanding experiences to members.
“This game-changing partnership will drive our company’s growth and help regulated and unregulated entities transform their offerings, technology and customer experiences in the digital post-pandemic world.”Vlad, Lounegov, Chief Executive Officer, Mbanq