Chile's digital lender Mento has gone live on Mambu. Mambu is a SaaS (Software as a Service) banking service that provides APIs technology to banks and others to power lending, deposits, and other banking products. Established in 2020, Mento has sought to provide relief to Chileans by providing seamless access to credits following the devastating impact of the pandemic.
Regarded as unprofitable by traditional banks, Mento has chosen to focus on the underserved portions of the society in Chile. This choice would require significant data collection and analysis before extending credits to its customer base. Going live on Mambu aids Mento data-driven service approach by being a part of a centralized cloud system with over 7000 different banking products and more than 50 million users offering speed and flexibility. Mento's Chief of Product, Alexi Rossi, commented on the launch. Saying: " Thanks to a successful launch of the first version of our lending product, we can confirm that we have been attending to an authentic and relevant needs of the population, a key indicator that we are advancing on the right path".
Enhanced by Mambu's technology, Mento, through the entry to a broader audience, can build upon its profile on becoming a prominent player in South America FinTech space.
Chile in focus:
Population: 19.12 million in 2020 as compared to 18.95 million in 2019
GDP: $252.9 billion compared to $279.4 billion in 2019
GDP per capita: $13,231 in 2020 compared to $14,741 in 2019
