Newly-established Danish small and medium-sized enterprise (SME) bank kompasbank announced their go-live on Mambu’s Software-as-a-Service (SaaS) banking platform.

On Mambu’s cloud-native banking platform, kompasbank said that it was able to build fast and flexible customer onboarding, loan and deposit processes.

The challenger bank claimed to be “the first cloud-only bank in Denmark and embraces a fully digital architecture to differentiate its service and products”.

kompasbank had secured its banking license from Denmark’s Financial Supervisory Authority in March earlier this year to serve the SME segment.

Carsten Smith, COO of kompasbank said,

“We think Mambu is the right choice to help us on our growth trajectory thanks to their proven and truly cloud-native, API-first architecture. One of our key features is being able to provide credit decisioning in just 48 hours so that SMEs don’t have to waste precious time waiting in limbo, not knowing whether they will receive their line of credit for weeks or even months.”

Eelco Boonstra, MD EMEA at Mambu comments,

“Today, no one else is doing what kompasbank is doing in Denmark – they are eliminating banks’ internal bureaucracy and waiting time for SMEs. This is a sector that needs better, faster loans and we believe that Mambu gives financial institutions a powerful competitive edge by allowing them to rapidly create, launch and service any lending portfolio through a flexible SaaS platform.”