Mbanq CEO Vlad Lounegov featured on Galileo Partner Spotlight
In this video, Mbanq CEO Vlad Lounegov details how the partnership with Galileo Financial Technologies is vital for the seamless delivery of our joint Banking-as-a-Service proposition and how it enables our clients to be uniquely competitive in the market.
Watch the full Galileo Partner Spotlight video here:
“The most important thing about Mbanq is that we help launch financial products and services. We provide services to small financial institutions, non-banks, banks and fintechs to launch products which are akin to financial services. Almost any company, any provider, any grocery store is a FinTech – at the end of the day, it’s all about payments and there’s movement of money.
We carefully chose Galileo as one of the key participants of the ecosystem. They bring together unparalleled experience of card issuance. We’ve actually selected them over many other vendors and we’ve realized that the only vendor in the market that can deliver a joint value proposition with us in a smooth and seamless manner is Galileo.
Together with Galileo, Mbanq is capable of delivering complex use cases that are targeted at specific demographics. A lot of Mbanq’s clients are Latin American financial institutions entering the United States markets. It’s common to expect the account to be opened in seconds and the card to be provisioned and active straight away.
It takes us under a minute to open a DDA account and provision a debit card inside the app. It takes about 7 seconds before the card goes live. We are the only provider in the market that, together with Galileo, is able to deliver this value proposition.
The 3 key reasons why we chose Galileo are:
- Time to market
- Full alignment with the team
It’s always important to find like-minded individuals that we would like to work with and would like to work with us.
Loyalty these days is to a functionality more than to a brand. The key driver for success of Banking-as-a-Service and Mbanq’s value proposition is how can we package this value proposition together with our partners and deliver it in a seamless manner to enable differentiation, to enable our clients to be competitive.
One of the use cases that we have delivered to our clients together with Galileo is how to get your paycheck 15 days early. There’s nobody else in the market that’s able to deliver this value proposition, so together with Galileo we’re able to deliver substantial growth both in the number of accounts or in the number of cards originated, but also in the number of transactions.
Mbanq’s focus has always been to foster innovation. We bring together best of breed innovators so that is really inspiring because the type of innovators that we see nowadays are very young people, very energetic and we thrive on this energy and this energy is something that makes me get up out of my bed in the morning and come to work.”
Using Galileo’s technology platform, Mbanq’s customers can issue, activate and manage the entire card lifecycle using the same Mbanq API they use for all other banking services—making Mbanq a one-stop shop for the full range of banking services.
For more information on the Mbanq-Galileo partnership, head on to https://www.mbanq.com/galileo-partnership/
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