US-based banking infrastructure and embedded finance company, Mbanq, has announced the inaugural institutional investment into its newly launched funding programme from a leading Swiss private bank. According to Mbanq, the investment marks an important milestone in the development of its institutional funding capability and supports the continued expansion of the company’s lending and Earned Wage Access (EWA) platform.
Earned Wage Access has become one of Mbanq’s key growth areas. It enables banks, credit unions, fintechs and enterprise organisations to offer employees responsible access to earned wages before payday. As demand for these and other lending solutions continues to grow, the institutional funding programme provides a scalable framework through which Mbanq may access funding to support portfolio growth.
“This inaugural institutional investment represents an important milestone for Mbanq. It demonstrates confidence in our long-term strategy and strengthens the financial infrastructure that supports our lending business. As demand for Earned Wage Access and other lending solutions grows, we’re investing in the capabilities that enable our clients to scale with confidence,” said Vlad Lounegov, CEO of Mbanq. The program has an aggregate capacity of up to $100m.
Founded in 2016, Mbanq has operated profitably since 2019. It provides core banking technology, Banking-as-a-Service, Lending-as-a-Service, Compliance-as-a-Service, payments, card issuing and embedded finance infrastructure to banks, credit unions, fintechs and enterprise organisations worldwide.
“Mbanq secures inaugural institutional funding investment” was originally created and published by Retail Banker International, a GlobalData owned brand.
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