Mambu, the market-leading SaaS banking platform, today announced its latest funding round of €110 million ($134 million USD) in new capital. This round was led by TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Additional investment was received by Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners. The new round brings the company’s valuation to over €1.7 billion.
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.@Mambu_com raises €110 Million ($134 Million USD) in Funding Round Led by TCV #composablebanking #digitalbank #digitaltransformation #fintech #cloud
With this new round of financing, Mambu will continue to accelerate its rapid growth and deepen its footprint in the more than 50 countries in which it already operates and focus on markets like Brazil, Japan, and the United States. This announcement follows another year of approximately 100% YoY growth for Mambu in a banking software market which Gartner currently values at over $100 billion and is forecasting to grow at double-digits. FT Partners was the exclusive financial advisor on this transaction.
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Mambu’s SaaS banking platform sets it apart from traditional core banking players as it drastically accelerates and simplifies the way financial products are built and serviced by any financial institution. Mambu’s platform is used by traditional banks, fintech startups, financial institutions, nonprofits and other businesses to power their financial products and services. Counting the likes of ABN AMRO, N26, OakNorth, Orange and Santander among its customer base, Mambu is powering both the building of new fintechs as well as the migration of existing financial institutions onto a tech stack fit for the fintech era. Mambu is continuing to expand both the breadth and depth of its platform and is planning to double the team to over 1000 Mambuvians by 2022.
Eugene Danilkis, founder and CEO of Mambu said: “When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology. Nearly a decade later, this is more true now than ever, particularly given developments over the past year. As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses.
