Islamic Finance

Fintech unicorn Mambu launches Shariah-compliant SaaS banking platform

Fintech start-up Mambu has launched a Shariah-compliant version of its SaaS banking platform.

Berlin-headquartered Mambu was valued at 1.7 billion euros ($2.1 billion) when it raised 110 million euros in a funding round in January this year.

Its new Shariah-compliant product for banks is a cloud-native platform.

One of its first users is Bank Islam Malaysia that said earlier this month it had selected Mambu and Experian as infrastructure partners for its all-digital bank.

Mambu’s platform will allow Bank Islam to configure Shariah-compliant products and Experian provides the eKYC solution.

Bank Islam’s solution is expected to be out in the second quarter of this year, Mambu said in a statement on Monday (March 22).

Mambu also works with other Shariah-compliant fintechs, including Saudi Arabia’s Ta3meed that provides purchase order crowdfinancing.

The SaaS banking platform says it earned 100% year-on-year growth in 2020. Its clients include the likes of ABN AMRO and Santander.

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