Last Updated: 06/21/2024
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Message from our editor
What we love about Mambu
Mambu is a banking software company that focuses on mobile banking services. The company isn’t one that most people will work with directly. Instead, it partners with banks to help them reduce the overhead involved in running an online bank. Mambu offers cloud-based banking services with application programming interfaces (APIs).
These APIs let banks more easily accept deposits, manage customer accounts, and do everything else that they need to do to run an online bank.
This is useful for consumers because working with a bank that works with Mambu can be cheaper than working with another bank. It can cost as much as $400 per year for a bank to manage a single checking account and many banks look to recoup these costs with fees. If banks can cut these costs, consumers can expect lower fees for accounts.
What could Mambu do better?
Mambu primarily operates outside of the United States, so customers in the US can’t look for a bank that partners with Mambu.
The other drawback is that consumers won’t really know how Mambu directly affects them. If a bank uses Mambu’s services, it can be hard to attribute individual account features to Mambu.
Mambu’s backstory
Mambu was founded by Eugene Danilkis, a software engineer responsible for robot control software on the International Space Station. Since 2011, more than 100 banks in over 30 countries have started working with Mambu. These banks offer more than one million accounts to customers worldwide.
The Verdict
Mambu provides a valuable service that can help banks offer online accounts at a lower cost but the reality is that consumers won’t really see Mambu’s impact on their accounts.