Ted Westhelle, Mambu
Intro: [00:00:07] Broadcasting live from the Georgia World Congress Center for Fintech South 2022, it’s time for Atlanta Business Radio. Brought to you by Atlanta Blockchain Center. Now, here’s your host.
Lee Kantor: [00:00:28] Lee Kantor here, broadcasting live at Fintech South, once again, it’s been a minute since we’ve been back here, but I’m excited to see all the folks again. Right now, we have Ted Westhelle with Mambu. Welcome, Ted.
Ted Westhelle: [00:00:42] Thank you, Lee. Thanks for having me on a short notice. Appreciate it.
Lee Kantor: [00:00:44] Sure. Tell us a little bit about Mambu. How are you serving, folks?
Ted Westhelle: [00:00:48] Yes, absolutely. So, at Mambu — first and foremost, you know, we really think that there’s a problem out there with a lot of technology, right? And this applies not only to financial services industry, but to many different industries, right? And most technology out there, while it’s really necessary, it doesn’t really allow the companies to be agile, to change, to add new products, to move into new markets quickly, right?
Ted Westhelle: [00:00:48] And so, Mambu really addresses that big problem with its existing technology out there by putting a lot of control back in the hands of the business owners. Letting them manage the technology and Mambu specifically lets them offer deposit and lending products.
Lee Kantor: [00:01:30] So, what’s the pain that your prospects are having? Where Mambo is the right answer?
Ted Westhelle: [00:01:36] A couple of things –.
Lee Kantor: [00:01:36] Symptoms, we just need some symptoms.
Ted Westhelle: [00:01:38] Yes. So, one of the big pains is, you know, whether you’re a Fintech or, you know, a regulated bank, they — you typically will get locked into an end-to-end core product, maybe a five, 10, even maybe 15-year contract, right. And they really become dependent on that core provider.
Lee Kantor: [00:01:59] Right.
Ted Westhelle: [00:01:59] Right. And it makes it difficult for them, like I said, to maybe add a new product that may be a nine-month process where they have to pay an additional $100,000.
Lee Kantor: [00:02:07] Right, because they bought this thing because they thought that was going to solve all their problems.
Ted Westhelle: [00:02:10] Right, right. And it does, sort of, initially, right. Because the way that those end-to-end solutions, they get customized for the specific needs of the company at that time.
Lee Kantor: [00:02:21] Right.
Ted Westhelle: [00:02:21] But every company is constantly evolving and changing, right?
Lee Kantor: [00:02:23] Right.
Ted Westhelle: [00:02:23] And so, it doesn’t allow them to quickly evolve over time.
Lee Kantor: [00:02:26] So, it doesn’t allow them to be as nimble as they need to be as things shift?
Ted Westhelle: [00:02:31] Exactly, and to that point, with a solution like Mambu, every single customer actually has their own dashboard into a Mambu product factory. It’s a zero-code environment where in the space of minutes, they can whip up a new product that they want to offer during the next few weeks.
Lee Kantor: [00:02:48] And then it’s in the market at that point, like it’s off and running or now it’s going to go through its testing and all the stuff that has to do?
Ted Westhelle: [00:02:56] Right. Exactly. I mean, theoretically, yes. If you were super risk-averse, you could offer it the next day. Typically, what our customers will do, they will test it in a Sandbox environment, make sure everything is —
Lee Kantor: [00:03:06] But it can be implemented —
Ted Westhelle: [00:03:08] Absolutely.
Lee Kantor: [00:03:09] — as quickly as they want it to be?
Ted Westhelle: [00:03:10] In a few weeks, absolutely.
Lee Kantor: [00:03:11] Right. As opposed to, you know.
Ted Westhelle: [00:03:12] As opposed to waiting nine months. Right. And so, if you think about that from the point of view of being able to react to new demands you’re seeing from your existing customer base. Being able to take advantage of opportunities you see in the marketplace, it’s huge.
Lee Kantor: [00:03:25] Yes. So, what’s the back story? How did this kind of get invented and started?
Ted Westhelle: [00:03:32] It’s actually a really great story. Our co-founders were at Carnegie Mellon, getting their grad degree in computer engineering. They then started off Mambu, it’s headquartered, initially, was in Germany. It’s now moved to Amsterdam. And they started it off purely on the lending engine side with a focus on actually micro-lending and microservices, right. And so, they did that in a lot of emerging markets.
Ted Westhelle: [00:04:00] And then found as it evolved, they expanded over to the deposit side as well. Started to sign some big customers, like in Oaknorth Bank was an initial big win for them in the European markets. And so, we grew gradually over the last 11 years. We now have 250 customers around the world and 65 markets around the world. Roughly, half of them are now in AMEA. And then we went to LatAm, APAC. And then three years ago we entered the North American market.
Lee Kantor: [00:04:25] So, what brings you to Fintech South?
Ted Westhelle: [00:04:27] A great environment. A great chance to get the Mambu brand out there. But most importantly to meet partners, ecosystem partners, different system integrators, and potential buyers.
Lee Kantor: [00:04:39] And if somebody wants to learn more about Mambu, what’s the coordinates, website?
Ted Westhelle: [00:04:44] Yes, just go to mambu.com. There’s tons of information on our website or reach out to me, Ted Westhelle.
Lee Kantor: [00:04:49] And it’s M-A-M-B-U?
Ted Westhelle: [00:04:52] M-A-M-B-U, Correct.
Lee Kantor: [00:04:54] Well, Ted, thank you so much for sharing your story today.
Ted Westhelle: [00:04:56] All right. Thank you. Thanks for having me on.
Lee Kantor: [00:04:58] All right. This is Lee Kantor. We’ll be back in a few at fintech South 2022.
Outro: [00:05:09] This episode has been brought to you by Atlanta Blockchain Center, the catalyst for Atlanta’s emergence as the Premier Blockchain Innovation Hub globally, through cultivating entrepreneurship, inclusivity, and education. To learn more, go to atlblockchaincenter.com.
Fintech South 2022 is a world-class summit with its nexus in Atlanta live and in-person, a global financial technology hub that is home to more than 200 fintech companies. The top 15 public fintech companies in Georgia alone generate more than $100 billion in revenues.