London-based fintech Scroll Finance has launched its home equity loan and home equity line of credit (HELOC) products, powered by Mambu’s cloud banking platform.
The product offering is live on Mambu’s composable technology foundation, which Scroll Finance said gives it the “flexibility and control” to choose from “best-of-breed” components.
Scroll Finance has chosen Mambu’s cloud native architecture to create a more “intuitive and responsive journey” for its customers and brokers.
Ashish Kashyap, CEO and co-founder of Scroll Finance, said: “We want to be in charge of building a great lending experience for our customers and a key component of that is having full control over the entire life cycle of a loan, from initial enquiry, to payout, to servicing and collections.”
Kashyap said that coupled with this is a requirement to develop “in a fast, flexible way to adapt to our unique take on global home financing solutions”, adding that “this is exactly what Mambu offers”.
Richard Morgans, general manager of Mambu UK and Ireland, said: “Working with Scroll Finance is a testament to the flexibility and capabilities of our cloud banking platform.
“From scratch, and in just 10 months, the Scroll team designed, built, and launched not only a proprietary origination platform but also a suite of new-to-the-UK product features in addition to their HELOC product.”
Morgans added: “The result is an innovative offering that will empower homeowners to quickly and easily access the equity that they have built up in their home. We are looking forward to continuing our partnership with Scroll to scale and expand their products and services.”
Scroll’s home equity loan and HELOC products enable UK homeowners to unlock equity in their homes for home improvements, “green” upgrades, buying a holiday home, debt consolidation and a deposit for property purchases.
Customers can borrow between £25,000 and £1 million, up to an 80% loan-to-value ratio.
The fintech plans to offer “green” solutions to improve the energy efficiency of UK homes.
Mambu’s VP of commercial, Scott Wilson, spoke on a recent episode of Open Banking Expo TV about the need for banks and fintechs to “make it clear” to consumers that their data will be protected and avoid “industry speak” to better inform them about the benefits of Open Banking.