Mbanq offers a Banking-as-a-Service (BaaS) and Credit Union-as-a-Service (CUaaS) platform for financial and non-financial institutions to embed banking services. Banking services covered by the platform include deposit programs, payments, lending, card services, and buy-now-pay-later.
The company offers three broad solutions: 1) Mbanq Cloud - cloud-hosted digital infrastructure, 2) Mbanq Sky - digital banking solution on a unified database, and 3) Mbanq Pay - connectivity tool to link payment rails including SWIFT and SEPA payments.
Mbanq also offers regulatory, compliance, and dispute resolution solutions and provides its services on a pay-per-use model.
Key customers and partnerships
Mbanq entered two key partnerships in late-2021, with Galileo and Temenos, to boost its product offering. It partnered with Swiss banking software provider Temenos in October to launch CUaaS solutions and to accelerate BaaS adoption across the US. The CUaaS offers a credit union ecosystem by combining “Temenos Banking Cloud” with operations, legal compliance, and financial solutions. Mbanq partnered with card issuing infrastructure provider Galileo in September to enable Mbanq customers to issue and manage cards.
Funding and financials
In December 2022, Temenos made an undisclosed minority investment in Mbanq and also expanded its partnership with Mbanq to enable the latter’s customers to future-proof their banking technology stacks.
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