Mambu, a SaaS banking and financial services platform, and nonprofit microfinance organization Grameen America have announced a five-year extension to their partnership.

The partnership will support Grameen America's efforts to scale operations and invest $12 billion in loans to more than five hundred thousand minority small-business owners across forty-nine branch locations. Grameen America and Mambu first partnered in 2013 to launch a modern, cloud-native platform. Following the move to the cloud, the company reported significant loan processing improvements, including a 50 percent reduction in loan transaction time, improved data accuracy and data analytics, and enhanced internal and external auditing capabilities. Since Grameen America moved to 100 percent digital disbursements and repayments, the organization has become more than 60 percent financially sustainable.

Since 2008, Grameen America has invested more than $1.8 billion in low-income women entrepreneurs.

"We are pleased to extend our partnership with Mambu, given the important role they continue to play in enabling our capacity to scale," said Grameen America president and CEO Andrea Jung. "Mambu shares our commitment to constant innovation, leveraging technology to empower individuals, while streamlining and improving operating efficiency and effectiveness. Mambu's platform has enabled Grameen America to transform our member experience and provide powerful digital solutions to further accelerate our organization’s growth and impact for women entrepreneurs nationwide."