P2P Launches Digital Finance Platform Powered by Mbanq

FinTech company P2P partnered with FinTech and embedded finance firm Mbanq to launch a digital finance platform for Brazilians in the United States.

The P2P app helps users handle their finances in the U.S. and send money to family in Brazil, the companies said in a Thursday (Feb. 6) press release.

The financial services provided by the app include U.S. dollar accounts, physical and virtual debit cards, secure money transfers and 24/7 access to financial tools, according to the release. It delivers fast onboarding and instant access to a virtual card upon approval.

“Mbanq’s overwhelming support has allowed P2P to refine its business model and launch a platform that meets the highest standards of security, efficiency and usability,” P2P CEO Ramiro Silva said in the release.

The P2P app uses Mbanq’s technology, white-label app and regulatory expertise, and banking services provided by Mbanq’s bank partner, Evolve Bank & Trust, according to the release.

“Launching a platform in a highly regulated environment is no small feat, and P2P’s success highlights the power of Mbanq’s technology and regulatory expertise,” Mbanq CEO Vlad Lounegov said in the release. “Our mission is to empower FinTechs like P2P to bring their visions to life, and this success demonstrates how we can overcome challenges and deliver impactful solutions.”

Financial institutions and brands can supercharge growth by introducing new embedded finance features with the right banking-as-a-service (BaaS) providers,” Lounegov told PYMNTS in an interview published in March 2023.

“At the end of the day, we’re selling compliance as a service, lending as a service, everything critical to running banking operations, handling complaints and chargebacks,” Lounegov said. “This is where we make most of our money. The tech is important, but our biggest margins are made through services.”

In November, Mbanq debuted an artificial intelligence-powered digital loan origination platform called Mbanq Comet, saying the platform integrates with core banking systems and is designed to allow banks, credit unions and FinTechs to streamline their loan decision process without interrupting their existing operations.