Spanish neobank Plazo has announced a partnership with cloud banking technology firm Mambu. According to the announcement, the collaboration will provide access to more than 30,000 new product combinations, which will enable its expansion.

Plazo will make the lending products available to customers via the Plazo Credit S.L.U. The platform was built to provide credit when the integration with Mambu is complete.

Customers to have Full Control Of Their Finances

The partnership deal will be very vital for the completion of the current offering of Plazo, which will further consolidate it as an integrated financial wellness app. It will enable customers to have complete control over their finances.

Chief Executive Officer of Plazo, Alessandro Ceschel, while commenting on the development, stated that it will take advantage of Mambu’s technology to speed up the development of a flexible lending system. This will offer customers a full-range service combination of credit, saving, and transactional solutions.

The Plazo app, through the partnership, will strengthen its position as one of the top financial wellness apps in Spain. The platform was launched in 2021 and has expanded quickly, issuing over 100,000 debit cards to date. Additionally, salary advances, fractional payments, and BNPL will soon become part of Plazo’s offering because of the collaboration with Mambu.

Plazo To Offer A Customer-Centric Approach To Banking

Mambu’s Area Manager, Southern Europe, stated that its partnership with Plazo was carefully thought out and planned. He believes Plazo’s customer-centric approach to banking is what is needed for today’s customers. The company is the only neobank in Spain that combines innovative credit with daily credit solutions adapted to the needs of the customers.

To maintain a successful part in the fast-changing business world, Plazo is adopting the Mambu approach to improve its high-velocity operating model.

In another development within the neobank space, Sentinels recently announced a partnership with Brand New Day, a Dutch neobank, to enhance its anti-money laundering (AML) controls. The partnership will see the integration of the regtech solution, saving resources by automating the development of client risk profiles and providing a clear compliance framework for the company. It will also ensure that Sentinels provides a clear view of customers’ activities for an efficient compliance check.