Mambu’s cloud-based, software-as-a-service (SaaS) platform will serve as the underlying technology behind the Commonwealth Bank of Australia’s (CBA) newest mortgage services offering, Unloan, following a new deal between the core banking tech developer and Australia’s biggest bank.

Mambu’s “composable” platform, popular with fintechs and neobanking brands worldwide, will underpin CBA’s new streamlined home loan brand, whose launch was announced last month alongside a slew of new consumer services.

Brendan Harrap, chief architect at CBA, praised the partnership with Mambu as “an investment in future-proofing” the bank.

“Mambu’s SaaS cloud banking platform will enable us to bring in best-in-class solutions from other high-performing fintechs and vendors, build financial solutions that meet the demands and expectations of our customers, and retain our position as Australia’s leading bank,” Harrap said.

The cloud-native Mambu platform is noted for its “uniquely composable” structure, utilising an API-rich environment that enables clients to add independent components, systems, and connectors depending on business needs and end-user demands.

“This approach aligns perfectly with CBA’s goal to understand and anticipate its customers’ evolving needs, utilising next-gen technology like data analytics, AI and cloud to deliver personalised, agile and flexible finance solutions to consumers,” Mambu said in a statement.

The Mambu SaaS is a popular choice among financial services businesses worldwide, and particularly with fintechs and neobanks, with local payments giant Tyro alongside European giants ABN AMRO and Santander and their digital banking arms, having embedded the core banking platform.

Mambu also recently partnered with the European arm of cross-border payments giant Western Union to embed its SaaS solution in the latter’s real-time multi-currency digital wallet and digital banking platform.

Harrap said CBA will also “[work] closely with Mambu as we continue to digitally transform our suite of CBA Group brands”.

Paul Apolony, Mambu’s general manager Australia and New Zealand, acknowledging the increasing demand for personalised customer service and products, praised the platform for enabling clients to tailor services “at a fraction of the cost and much more quickly than traditional banking technology”.

“We are so excited to be working with CBA as it takes this next leap into the digital future.”

Developed by CBA’s venture scaler arm, x15ventures, Unloan is the bank’s new streamlined mortgage service, promising expedited loan and refinancing applications (with applications complete within 10 minutes).

CBA touts the service as “Australia’s first digital home loan with a discount that increases every year for up to 30 years.”

The bank also plans, in the coming months, to enable Open Banking-powered assessments through Unloan “for an even faster application experience”.

The Berlin-based Mambu achieved ‘unicorn’ status in mid-2020, reaching a valuation of more than €1.7 billion (AUD $2.7 billion). The SaaS core banking developer notes that Australasia is a key focus area for the company, having established its Sydney hub in 2019.