Mambu, a cloud banking platform for banking and lending businesses, announced today it experienced company-wide growth during 2020. The company quickly helped 26 financial institutions (FIs)adapt to market changes, including a record two-week implementation. This announcement follows another year of approximately 100% YoY growth for Mambu in the banking software market, (positioning Mambu at its unicorn status with a $2.1 billion valuation. Additionally, Mambu expanded its employee base to more than 22 countries and strategically partnered with third-party providers to streamline and increase accessibility to its solution.
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Mambu succeeded in several other areas last year.
1. The company experienced growth internally, increasing its employee base 80% to nearly 500 employees. Significant hires included Johanna Pugh, Managing Director, North America; Kris Rogers, General Manager, Australia and New Zealand; Jaco Fourie, General Manager, South Africa; Sergio Costantini, General Manager, Brazil and Minh Quang, General Manager, Vietnam.
2. Mambu spread its geographic footprint by opening a new office in UAE as well an engineering center in Lithuania. Now Mambu employees work across 22 countries.
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3. Mambu strategically partnered with leading companies to meet the growing demands of its customers. Partnerships include:
- Google Cloud Platform, a suite of cloud computing services, to continue to grow its reach and seamlessly deliver service, extending banking and lending operations to more countries;
- Backbase, a digital-first banking platform, to deliver a unique and powerful turn-key digital banking solution;
- VeriTran, a global low-code platform provider, for a streamlined solution that assists traditional banks to launch their digital apps in a matter of weeks;
- Mobiquity, a digital consultancy that designs and delivers compelling digital products and services for the world’s leading brands, to create unique customer-centric experiences;
- TransferWise, a global technology company that moves money across the world, so customers can seamlessly access TransferWise’s technology infrastructure directly to offer cheap, fast and transparent international money transfers at the real exchange rate;
- Alchemy, a cloud-based digital banking solution provider for U.S.-based financial institutions, to enable faster, more agile lending decisioning for community banks and credit unions; and
- CurrencyCloud, an embedded cross-border solutions platform, to offer transparent and scalable international payments capabilities to customers.
4. Mambu was recognized for its innovation by the Fintech50 Hall of Fame for Consistent Innovation and 2020 CB Insights Fintech 250 list. The company was also positioned as a Challenger in Gartner’s 2020 Magic Quadrant for Global Retail Core Banking as well as a strong performer in The Forrester Wave™: Digital Banking Processing Platforms (Retail Banking), Q3 2020.
“We are excited to look back and recognize the deliberate approach we took toward our strategic growth in 2020,” said Johanna Pugh, North American Managing Director at Mambu. “As the pandemic required everyone to adapt to new processes and market changes, Mambu transitioned and quickly met the demands of numerous financial institutions, further demonstrating the value our solution provides. These successes are a testament to the Mambu team that works hard across the globe to support our customers and lead innovation. We look forward to further collaborating with key players and investing in our cloud-native solution which allows FIs to become agile and empowers them to deliver great financial services and experiences.”
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