Mambu raises €110m to hit €1.7bn valuation
Mambu, a Germany-based Software-as-a -Service (SaaS) cloud banking platform has raised €110 million funding round, securing a $1.7 billion valuation.
The round was led by TCV, Tiger Holdings, and Arena Holdings, whilst Bessemer Venture Partners, Runa Capital, and Acton Capital Partners also participated in the investment.
Mambu says it will use the new funding to “accelerate its rapid growth” and deepen its footprint globally.
Brazil, Japan, and the United States are countries grabbing particular attention from the vendor.
In June 2020, it tapped up former Finastra exec, Johanna Pugh, to lead its expansion plans in North America.
Mambu has accrued several clients, among them ABN Amro, Orange Bank, N26, OakNorth, and Santander.
“When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology,” says Eugene Danilkis, co-founder and CEO of Mambu.
“This latest funding round allows us to accelerate our mission.”
Mambu has raised more than €150 million since its 2011 launch, across six funding rounds.
TCV general partner John Doran joins the Mambu board as part of the raise.
“Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud,” he says.
“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.”