4G Capital, a neobank powering micro and small business growth in Africa, has gone live on Mambu‘s cloud banking platform to provide unsecured business loans along with enterprise training and access to digital solutions.
Mambu’s platform will enable the neobank to scale and expedite its digital journey to meet customer business needs.
According to Wayne Hennessy-Barrett, Founder and Chief Executive Officer at 4G Capital: “We share the belief that customers must be at the heart of all that we do. Bridging the finance gap for micro and small businesses is not only about ‘access’; it is a covenant for success. We look forward to maximising the capabilities of Mambu as our systems and operations evolve and grow.”
4G Capital has delivered more than 1.75 million loans since its inception in 2013 and decided to move to a cloud-native banking platform to help facilitate its ambitions to scale.
The firm recently raised $18.5 million in a Series C funding round with private equity fund Lightrock to scale its last-mile finance and enterprise training solutions to MSEs in Kenya and Uganda.
Both Mambu and 4G Capital share the same mission of bridging the finance gap. Since 2013, 4G Capital has been on a mission to unlock human potential for good, enabling traditionally excluded micro and small enterprises to access funding with products designed to increase clients’ take-home earnings, grow their businesses and improve access to vital services. This is achieved through a blend of relationship management with proprietary AI technology to minimise default risk.
Mambu aims to enable billions of people to have access to modern banking experiences and started in 2011 servicing micro-lenders, primarily in emerging markets in Africa. Today, Mambu has 77 million daily users and over 230 banks and financial institutions as customers.
“4G Capital and Mambu are aligned both culturally and historically. Our partnership means we can close the finance gap to create better banking experiences for groups that have been historically underserved. The micro and small enterprise finance gap across the world is enormous, despite this sector being a key economic driver globally. We are committed to helping 4G Capital support entrepreneurs everywhere in achieving their potential,” said Peter Richmond, VP of Customer Success at Mambu.
The roadmap for 4G Capital, supported by Mambu, sees a range of new products and services to serve micro and small enterprises, scaling across existing markets of Kenya and Uganda, then into new emerging markets both organically and with channel partners.