Gojek-backed Bank Jago chooses German SaaS startup for tech services tie-up

Mambu, a Germany-based software-as-a-service (SaaS) banking platform, announced that it has been selected by Bank Jago to provide its product for the bank’s technology foundation.

Bank Jago is one of the earliest digital bank players in Indonesia. It acquired a publicly listed bank called Bank Artos in 2019 and received investment from Indonesian super app Gojek in 2020. This year, it bagged investment from Singapore’s sovereign wealth fund GIC and launched its mobile app in April.

Photo credit: Gojek

Mambu’s main offering is a SaaS banking engine that allows clients to process banking services such as lending and deposits. Launched in 2011, the company has helped 180 customers in more than 65 countries, including Dutch bank ABN Amro, German digital bank N26, and France telco Orange.

However, the Indonesian government mandates that all banking data must stay in the country. That means Mambu’s partnership with Bank Jago also includes the usage of Google Cloud, which signed a strategic partnership with Mambu recently. Google Cloud is one of several providers who already have a data center in Indonesia.

The partnership may help Bank Jago in the race to become the top digital bank in Indonesia – a competition that includes rivals like Line Bank, Sea Group’s Seabank Indonesia, and Akulaku’s Bank Neo Commerce.