Georgia’s TBC ventures into neobanking Space

TBC, the largest bank in Georgia, has engineered its own cloud-based, digital-only neobank, dubbed Space.

Structured as an autonomous business, Space provides customers with the full range of retail banking services including loans, saving products and payment cards. The business was developed from concept to launch in just eight months with the support of software-as-a-service engine Mambu.

Nika Kurdiani, deputy CEO at TBC Bank, says: “A year ago several TBC team members decided to create a neobank that exists only as a mobile app, without branches and physical presence. TBC, in a way, created its own competitor. We think this challenge brings a new reality not only to TBC but also to the Georgian banking sector. It aims to change the way people access their daily financial services.”

The app has already made an impact in the local banking scene, accruing 90,000 downloads since launch last month.

Lasha Gurgenidze, project leader at Space, says the new unit has put a special focus on differentiating by design, customer care, price transparency and instant service delivery.

“We are a fintech in every sense from people and processes, to our culture,” he says. “The biggest advantage of our model is the ability to leverage the resources and experience of TBC Bank while operating independently.”