Mbanq, the US-based, global Banking-as-a-Service (BaaS) provider, announces its growth milestones with new client platform launches, revenue growth, three new office locations, workforce expansion, and a strategic shift that has seen it strengthen its ‘as-a-service’ portfolio.
Vlad Lounegov, CEO of Mbanq, says, “Mbanq's commitment to excellence, strategic foresight, and relentless pursuit of innovation positions it as a leader in the FinTech industry. With a strong foundation based on bank-grade regulatory and compliance, its team’s decades of top-level banking and FinTech expertise, and a comprehensive suite of services to underpin its technology, Mbanq is well-positioned to make a lasting impact in the financial services sector and to continue its growth trajectory.”
Safety at the Core
Mbanq has set the gold standard in the BaaS industry for safety and sound business practice. Compliance has been in Mbanq’s DNA since inception. From the very beginning, Mbanq built its technology with a strong focus around compliance processes, fostering a culture that was aligned with regulators and the recommended best practices. This resulted in Mbanq becoming the first BaaS provider to pioneer a compliance-first approach for platforms in 2021.
Additionally, Mbanq’s technology, including enhanced cash management services, robust reconciliation and real-time transaction monitoring, has ensured its status as a secure and reliable Banking-as-a-Service platform for clients.
In a world where change is the only constant, Mbanq remains steadfast in its mission to build platforms that deliver exciting and innovative financial services that transcend borders, economic fluctuations, and customer expectations.
Impressive Revenue Growth
Mbanq doubled its revenue in 2022 compared to 2021. It is also on track to double its revenue again by 2024. Currently, 60% of Mbanq’s revenue comes from new client platforms that were launched over the past 12-18 months. Going forward, Mbanq is poised for substantial growth in its service revenues, driven by the projected launch of 50 new platforms over the next 12-18 months. This expansion initiative is expected to result in an additional 20+ million consumer accounts.
Global Expansion
Mbanq has opened three new offices and development centers over the past 12 months, expanding its presence to nine strategic locations.
- New flagship regional headquarters in Bellevue, Washington, USA, opened in June 2023.
- New South European headquarters and development operations center in Podgorica, Montenegro, opened in May 2023.
- A new office and technology development center in Bangalore, India, opened in December 2022.
Headquartered in Naples, Florida, Mbanq’s other offices and development centers are located in Cambodia, Croatia, Mexico, Singapore and the United Kingdom.
Strategic Workforce Expansion
To keep up with client demand, Mbanq is actively recruiting talent, largely in the USA, as well as across its recently opened locations. With over 50 requisitions open for technology developers and regulatory and compliance experts, Mbanq is dedicated to expanding its world-class team to support its technology and services.
Mbanq’s recent Banking-as-a-Service client platform launches include:
- Qorbis – tailored spend management solutions for brands www.qorbis.com
- Sagicor Bank Barbados – the first fully digital bank in the English-speaking Caribbean www.sagicor.bank
- Cheqly – neobanking for startups www.cheqly.com
Upcoming platform launches in Q4, 2023, will include:
- PoetrYY Finance - neobank for under-served communities in the USA www.poetryyfinance.com
- Bloxley - US neobank that provides the most user-friendly financial experience on planet earth www.bloxley.com
- USA National - digital finance for recent immigrants to the USA www.usanational.io
- Mana Pacific - neobank for Pacific Islanders in the USA www.mymanapacific.com
A Strategic Pivot Toward Services
Mbanq's journey began as a technology provider in 2016. It has since evolved into a multifaceted services provider with a strategic shift towards rapidly strengthening its services portfolio over the past two years. Today, Mbanq boasts the most comprehensive as-a-service portfolio in the United States BaaS market. It offers a wide range of products and services to launch and operate a traditional bank, digital neobank or credit union easily and cost-efficiently. Mbanq’s as-a-service elements include:
- Regulatory and Compliance-as-a-Service
- Dispute Resolutions-as-a-Service
- Third-Party Payments Processing
- Insights and Personalization for financial services
- And much more
Rooted in quality and stability, Mbanq fully empowers any bank or company to launch and operate modern digital finance in the USA, or globally, at any scale.
One fundamental pillar of Mbanq’s success is its top-tier technology infrastructure, developed during Mbanq’s roots as a core banking systems technology provider.
Another is its commitment to ensuring the utmost safety and soundness in the financial industry, a commitment that can only be achieved through the implementation of meticulous processes and the expertise of its highly trained compliance and risk management team.
Lars Rottweiler, CTO of Mbanq, says, “Mbanq has had a remarkable journey. Its dedicated global team has relentlessly forged ahead, collaborating across borders to craft cutting-edge neobanks and FinTech platforms. These digital financial services, tailored to distinct customer niches, are a testament to Mbanq’s and its clients’ commitment to innovation.
“At Mbanq, we take immense pride in our technology's excellence and the compliance and services portfolio that underpins and supports it. It is our privilege to offer a comprehensive Banking-as-a-Service portfolio that simplifies the process of establishing BaaS-driven banking platforms.
“Mbanq’s solutions are designed to be both user-friendly and cost-effective, empowering businesses to embrace the future of finance with confidence.”
About Mbanq
Mbanq is a leading Banking-as-a-Service (BaaS) provider and FinTech innovator that pioneers BaaS by facilitating the creation and operation of traditional banks, neobanks, credit unions and FinTech platforms for clients through its digital banking platform, white-label mobile apps and comprehensive support services. It also extends embedded banking benefits to a diverse clientele, from retail brands to sports teams.
Mbanq stands out for its exceptional regulatory prowess, modern technology, and industry-specific solutions. Founded in 2016 and headquartered in the United States, Mbanq offers extensive support for digital banking that encompasses compliance, lending, back office, and dispute resolutions, on top of a proprietary, cutting-edge technology stack.
Mbanq is one of the fastest-growing FinTechs in the world. With a global presence and a focus on innovation, the company continues to drive the evolution of banking, enabling financial institutions to leap ahead in an increasingly digital world. www.mbanq.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20231009910195/en/
Mbanq has set the gold standard in the BaaS industry for safety and sound business practice.
Contacts
Alex Player, alex.player@mbanq.com
