Wio Bank will leverage Mambu’s API-driven, cloud platform. Credit: Sigmund on Unsplash.

Wio Bank has selected banking technology provider Mambu to offer digital banking services in the United Arab Emirates (UAE).

The lender, which is the first platform bank regulated by the Central Bank of the UAE, offers banking services to start-ups, freelancers and small-to-medium enterprises (SMEs).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Mambu’s API-driven, cloud platform is claimed to have streamlined account opening, enhanced managing and tracking of expenses and simplified invoicing and payment services.

The digital bank is jointly owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, Etisalat, and First Abu Dhabi Bank (FAB).

In September 2022, the platform bank launched its operations with an initial capital of AED2.3bn ($626.18m).

As part of the second phase of the collaboration, Mambu will support Wio Business, Wio Bank’s digital banking app, and the bank’s embedded finance and banking as a service (BaaS) offering.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Wio Bank chief technology officer Serge Terentyev said: “Wio Bank exists to shift traditional banking operating models to enable digital businesses. Together we can take an active role in embedding modern financial services in the region and empowering customers to access banking services effortlessly while allowing them to do more in their business and personal lives.”

Miljan Stamenkovic, General Manager MENA at Mambu, said: “Wio Bank is paving the way for a new era of world-class banking experiences in the UAE. The company is firmly focused on improving user experiences and catering to an audience that’s digitally savvy.

“On Mambu, Wio can deliver innovative end-to-end customer-focused solutions with a faster time-to-market and ease.”