Mambu, a SaaS-banking platform developer, has secured €110m in new funding round that values the company at more than €1.7bn.
The latest funding round was led by TCV with participation from other investors such as Tiger Global and Arena Holdings and from existing investors including Bessemer Venture Partners, Runa Capital and Acton Capital Partners.
With the new funding, Mambu expects to continue accelerating its growth and deepen its footprint in more than 50 countries where it already has presence. The company will also utilise the proceeds to focus on markets such as Brazil, Japan and the US.
Mambu claims that its SaaS banking platform follows a different approach compared to traditional core banking players, as it is designed to accelerate and simplify the way financial products are built and serviced by a financial institution.
Mambu founder and CEO Eugene Danilkis 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.
“This latest funding round allows us to accelerate our mission to make banking better for a billion people around the world and address one of the largest, most complex global market opportunities that’s still in the infancy of cloud.”
The developer’s banking platform is not only used by traditional bank, financial institutions, nonprofits and other businesses but also by fintech startups to power their financial products and services. Some of its clients include ABN AMRO, N26, OakNorth, Orange and Santander.
With a global network of nearly 500 employees, Mambu supports 160 customers in over 50 countries.
TCV general partner John Doran said: “Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud. The team has built a highly composable, truly cloud-native product in a multi-billion dollar, rapidly-growing market traditionally dominated by large, slow-moving on-prem vendors.
“We have been following Mambu’s progress for many years and are truly delighted to be able to partner with Eugene and the entire Mambu team on their journey to expand their offerings to customers worldwide.”
In March last year, Mambu was chosen by Australia-based digital bank Hay to power its platform as a full service neobank.
