As Norway’s government-owned national development bank, Innovation Norway plays a pivotal role in supporting innovation and business development across all counties in the country. To support the needs of its customers, Innovation Norway requires a replacement for its legacy banking solution, which currently handles critical functions related to loans, grants, and guarantees, including loan origination, product configuration and setup, funding management, credit processes, and case management.
 
“Innovation Norway plays an important role as an industrial bank supporting Norwegian companies by offering the full range of financing solutions: risk loans, market loans, guarantees and grants. We are looking forward to further improve our services together with Knowit and Mambu to build a financial platform that will serve our customers in years to come,” says Leon Bakkebø, EVP Banking & Financing at Innovation Norway.
 
The new core banking solution will streamline manual processes, enhance data quality, and enable improved real-time insights. These advancements align with Innovation Norway’s objectives of fostering greater digitalisation and operational efficiency. Knowit, serving as the primary system integrator, will ensure smooth implementation and integration of the new platform within Norway’s financial ecosystem
 
“We’re proud to support Innovation Norway realise its digital transformation goals. Together with Mambu we are delivering a solution that will automate processes, improve data management, and provide real-time insights, empowering Innovation Norway to better serve Norwegian businesses. We already have extensive experience in implementing and modernizing financial solutions in the Nordic region, and have, among other things, a similar project for the Norwegian Public Service Pension Fund (SPK), where delivery is expected to be in place shortly,” says Jan Georg Lehmann, Chief Commercial Officer at Knowit Financial Solutions.
 
“Many established institutions are locked into legacy environments making it incredibly challenging to adapt to new consumer and market demands. We are excited to partner with Knowit to deliver a modern, cloud-based banking solution to Innovation Norway. Our platform offers the flexibility and scalability needed to future-proof Innovation Norway’s operations, while driving innovation in key areas like loans, grants, and guarantees. This collaboration is an important step towards empowering Norwegian businesses for the future.” says Jorno Levels, Commercial Lead Nordics & Baltics at Mambu.
 
The project spans four years, with an option for annual extensions up to eight years.
The agreement was signed this week and the work to develop and improve the financial platform has already started.