The latest funding round has taken the valuation of Mambu to $5.5bn
Mambu takes its valuation to $5.5bn following a Series E round. (Credit: mohamed Hassan from Pixabay)
Mambu, a European SaaS cloud banking platform, has raised $266m in a Series E funding round led by EQT Growth.
The latest funding round has taken the valuation of the company to $5.5bn. Prior to this, in January 2021, Mambu had raised €110m ($124m) in a Series D round at a valuation of €1.7bn ($1.9bn).
EQT Growth advisory team partner Carolina Brochado said: “We feel a strong connection to the vision of Mambu as an organization, given the close alignment on values of responsibility and sustainability, and believe that Mambu’s solution is making the financial system more accessible and affordable for millions around the world.
“We are excited to partner with one of the leading fintech companies and management teams in Europe, which offers an industry-unique and leading modern cloud platform to address the massive $113 billion market serviced by traditional banking software vendors and in-house solutions.”
Mambu’s SaaS banking platform is said to expedite and simplify the development as well as deployment of financial products by financial institutions. The company’s customers include banks, fintechs, lenders, and financial institutions.
Established in 2011, the company has a workforce of 800 people and 200 customers around the world. Some of its customers include OakNorth, Tandem, N26, ABN AMRO, BancoEstado, Bank Islam, Orange Bank, and League Data.
In the third quarter of this year, the SaaS cloud banking platform registered over 120% in year-on-year growth. Over 55% of its new customers are said to be outside of Europe.
Some of its commercial deployments include N26, BancoEstado, Raiffeisen Bank, and ABN Amro.
Mambu plans to utilise the proceeds of the funding round to further expedite innovation in its platform with a goal to introduce new functional and technical capabilities. It will also continue its expansion plans to further support its global customer base across 65 countries, with a particular focus on 12 key markets.
Mambu co-founder and CEO Eugene Danilkis said: “Our vision in creating Mambu was always to create an industry-leading platform that will enable more than a billion people to have brilliant banking experiences. We want to be able to empower our customers to create any financial product anywhere in the world and create amazing customer experiences.
“This latest round of funding will allow us to accelerate our plans in expanding our mission-critical banking platform to further enable composable business models which are agile and continuously evolving.”
Last month, Mambu entered into a partnership with Capgemini to jointly offer Banking-as-a-Service (BaaS) in the Asia-Pacific region.