Press Release

Mambu and Avenga power Marginalen Bank’s core banking transformation with successful cloud migration

Stockholm, June 10 2025 – Mambu, the leading core cloud banking platform, and Avenga, a leading system integrator, have successfully migrated Marginalen Bank, an innovative digital bank in Sweden from its legacy core to Mambu in just 13 months achieving rapid time to market for its new consumer and business deposits and offering a future-ready banking approach.

Founded in 2010 following the acquisition of Citibank’s Swedish consumer bank, Marginalen Bank believes that as many people as possible should have access to simple and clear financial products. Marginalen Bank provides a broad range of financial services for individuals and businesses, and is committed to evolving in line with their needs and the rapid technological development in the market.

By migrating to Mambu’s API-driven, core banking platform underpinned by Microsoft Azure Cloud Marginalen Bank has replaced its legacy systems, significantly improving its agility, scalability, and cost – efficiency. The cloud-native architecture now allows the bank to rapidly launch its financial products, delivering modern banking experiences while maintaining full compliance with Nordic financial regulations.

Bo Andersson, Chief Information Officer at Marginalen Bank at said, “Our goal has always been to simplify our customers’ everyday financial lives, and to do so, we need a strong, scalable infrastructure. Mambu’s composable banking approach perfectly complements Marginalen’s technology strategy. We’ve been able to seamlessly migrate to the modern core and future-proof our technology. The collaboration with Mambu and our long-term technology partner Avenga has been seamless, allowing us to migrate to the cloud and modernise our consumer and business deposit offering and we’re excited about the opportunities it brings as we grow in the market.”

Mark Geneste, Chief Revenue Officer, at Mambu, commented: “In today’s financial ecosystem, the core banking platform is the foundation on which all innovation is built and Nordic banks are actively seeking to upgrade. However many question whether there are viable alternatives available in the region. The successful go-live of Marginalen Bank with Mambu underscores that change is not only possible—it’s happening. By working closely with our extensive ecosystem of partners, Mambu is transforming the Nordic banking landscape, proving that Mambu is a mature and future-proof alternative for banks looking to break free from legacy systems. We’re thrilled to see Marginalen bring their vision to life on Mambu and look forward to supporting their journey of growth and innovation.”

Avenga played a crucial role in the project, leading the decommissioning of Marginalen’s legacy core banking system and ensuring a fully integrated, cloud-first architecture. The project ensured full data migration and integration across the bank’s ecosystem, including Data Warehousing (DWH), Core Banking System (CBS), microservices, and local third-party providers.

Peter Stros, SVP Banking and Financial Services at Avenga commented: “Successfully migrating a bank’s core system in just 13 months is a highly complex process, requiring deep expertise in cloud-native architectures, regulatory frameworks, and seamless integration across a bank’s ecosystem. As a long-term technology partner of Marginalen Bank, we are proud to have played a key role in modernising their banking infrastructure. Our team ensured a fully compliant, zero-downtime transition by orchestrating data migration, system decommissioning, and integration of core banking services, microservices, and third-party providers. This transformation not only enhances Marginalen’s operational efficiency and scalability but also positions them to rapidly introduce new financial products in response to market demands. At Avenga, we specialise in delivering high-impact core banking modernisation, and this successful collaboration with Mambu exemplifies how banks can de-risk their digital transformation while accelerating innovation.”

Ingmar Boon, Digital Natives EMEA Lead at Microsoft commented: “The Nordic banking sector is undergoing a significant transformation, with financial institutions modernising their infrastructures to stay competitive and meet evolving customer expectations. Together with Mambu and Avenga, we are helping banks like Marginalen accelerate their cloud transformation, enabling them to scale efficiently while maintaining the region’s stringent security and compliance standards. By leveraging Microsoft Azure, Mambu’s composable banking platform and Avenga’s engineering we help Nordic banks shorten time to market, simplify operations, and drive innovation. This collaboration underscores our shared commitment to equipping Nordic banks with the technology they need to thrive in a digital-first world.”