Case Study: Redwood achieves fast launch of South Africa’s first online-only credit facility with Progress Software

Redwood Develops South Africa’s First Online-Only Credit Facility With Progress Corticon And Mip

Redwood, a Cape Town-based consumer finance outsourcing and consultancy company, faced the challenge of building South Africa’s first online-only revolving credit facility for mobicred. The goal was to create a fast, real-time, mass-market payment option that could compete with credit cards and PayPal while meeting strict requirements for risk assessment, integration, compliance, and customer self-service. Redwood used Progress Software technology as part of the Integrated Lending Solution from MIP Holdings.

Progress Software, through Progress Corticon and the Progress OpenEdge platform, enabled Redwood to automate real-time credit decisions, fraud checks, and spending-limit calculations within 2–3 seconds. The solution helped Redwood launch mobicred in just 4 months from proof of concept to deployment, improving agility, reducing costs, and strengthening competitive advantage.

Redwood

Andrew Goodrich

Chief Executive Officer