Temenos announced that Mbanq, one of the US’s leading Banking-as-a-Service (BaaS) providers, has expanded its relationship with Temenos to accelerate BaaS adoption in the US.’
This agreement deepens cooperation between the companies following the launch of a joint credit union providing services last year (affiliate).
Temenos also made a small investment in Mbanq to enter the BaaS market that has seen explosive growth through integrated finance worth $7 trillion in market capitalization by 2030. BaaS enables any brand or FinTech to integrate relevant financial services in their customer journey with one modern platform. front-end and back-end technology packages.
Mbanq is the leading BaaS provider in the United States, one of the fastest-growing BaaS markets in the world. Mbanq targets brands in a number of industries such as Ivy League universities, top sports teams and celebrities by offering them comprehensive ‘as-a-service packages such as a trademark registration program, tags debits, credit cards, loans and payments. In addition, Mbanq has strong relationships with many partner banks that provide compliance banking and enable them to enter the lucrative BaaS market.
Temenos hybrid banking platform combined with Mbanq’s complementary technologies such as patented multi-currency and multi-asset digital wallets, on the one hand, bringing to the market a distinct BaaS offering for FinTech and brands and modern and compliant banking and payments. On the other hand, partner banks are regulated.
Temenos and Mbanq provide comprehensive BaaS infrastructure including regulatory support to get FinTech up and running in just a few months and with a cost-effective pay-as-you-go model. Consumer brands can integrate banking and payment services quickly and affordably.
This partnership opens up the possibility of targeting mid-sized banks in the United States, allowing them to not only launch BaaS services such as deposit, credit cards or Buy Now Pay Later, but also proof future-proof their technology stack by launching an incremental kernel. banking innovation. Temenos and Mbanq enable these banks to overcome the limitations of legacy technology by serving brands and FinTech at scale using modern API-driven, cloud-based technology. As a result, banks can avoid being left out by agile new entrants and can also open up new revenue streams.
“We are excited to expand our strategic partnership with Mbanq and deliver an end-to-end BaaS technology proposition. This move will extend Temenos’ target addressable market by opening up a new channel to offer BaaS services directly to consumer brands, an incremental market to our business.
“Temenos is offering a unique end-to-end BaaS proposition, which can power the technology needs of all BaaS ecosystem participants. Together with Mbanq we bring to market a unique combination of capabilities in embedded finance underpinned by broad and massively scalable functionality, combined with value-add services such as regulatory and compliance.
“Mbanq and Temenos have the opportunity to deliver this, and the increased and accelerated investments from both parties will leverage this market momentum. I expect this partnership to become one of the key sources of growth for Temenos in the very important US market.”
Max Chuard, Chief Executive Officer, Temenos.
“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.
“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.