DF Capital launches digital savings platform powered by Mambu and ieDigital

UK commercial bank DF Capital has gone live with a new digital savings offering powered by banking vendor Mambu.

DF Capital gained its full banking licence in September 2020

The new platform is launched in partnership with ieDigital, and underpinned by Mambu’s cloud-based system.

DF Capital says it can now enable customers to make “instant decisions” on various tasks, including fixed-term savings and balance overviews.

It adds that time and effort will be saved for its employees as well, as automated processes free up resources to “continually improve” its products.

“We wanted something that was tried and tested, and established within the UK financial market,” says Paul Atherton, operations director at DF Capital.

“We went through a thorough due diligence process and were confident ieDigital could provide a solution.”

DF Capital was awarded its banking licence in September 2020. It provides finance to support companies’ cash flow, and lends against cars and boats as well as agricultural and industrial equipment.

According to its latest accounts, the bank made a loss of £12.9 million for the year ending 31 December 2020. It saw its loan book shrink to £83 million during the COVID-19 pandemic.

That has since recovered, and the bank reports a loans figure in excess of £193 million, and predicts further growth to £270 million by the end of 2021.