Coop is owned by 57 independent cooperatives with a combined membership base of over 2.3 million individuals. Each member is required by law to make a membership deposit when joining a cooperative, and may also make voluntary deposits which earn interest. These accounts are a cornerstone of Coop’s member offering, and the new core banking system will ensure they are managed with security, transparency, and scalability.

“As a cooperative with millions of members and a long-term responsibility to safeguard their deposits, Coop needs a future-proof core banking solution. We are excited to work with Knowit and Mambu to deliver a modern platform that will support efficient operations, ensure regulatory readiness, and improve the overall member experience,” says Jens Olav Bjørnson, Head of Digital channels, loyalty and marketing technology at Coop Norge.

Knowit will act as the lead system integrator, while Mambu provides the core banking engine through its SaaS platform. Together, they will deliver a modern, cloud-based core system tailored to Coop’s cooperative model.
 

“We’re proud to support Coop in delivering a robust and flexible core banking system. Our experience in modernizing financial services across the Nordics, combined with Mambu’s proven technology, ensures a smooth transition that will serve Coop’s members for years to come,” says Jan Georg Lehmann, Chief Commercial Officer at Knowit Financial Solutions.

“Legacy systems make it difficult to meet growing consumer and regulatory demands. With Mambu, Coop gains a cloud-native core banking platform that provides agility, compliance-readiness and scalability. Together with Knowit, we are excited to support Coop in transforming how they manage member deposits,” says Jorno Levels, Commercial Lead Nordics & Baltics at Mambu.

The project will run for four years, with an option to extend annually for up to eight years. Development of the new core banking platform is already underway.