Mambu is a Berlin-based SaaS banking platform that aims to transform financial services by differentiating itself from traditional core banking players and simplifying the way financial products are built and serviced.
The SaaS banking platform of Mambu is used by fintech startups, traditional banks, non-profits and other businesses to power their financial products as well as services.
Investment led by TCV
In a recent move, Mambu has secured €110M (nearly £99M) funding in a round led by TCV that has previously invested in Netflix, Spotify, RELEX and WorldRemit. The others that participated in the funding round were Tiger Global and Arena Holdings along with existing investors Runa Capital, Bessemer Venture Partners and Acton Capital Partners.
With this funding round, the SaaS banking platform carries the credits of becoming the first German unicorn of 2021 with a valuation of over €1.7B (nearly £1.5B). The fresh investment will let Mambu accelerate its rapid growth and deepen its footprint in over 50 countries, where it operates. Also, the company will focus on markets such as Japan, Brazil and the US.
Eugene Danilkis, co-founder and CEO of Mambu said: “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”.
TCV General Partner, John Doran who joins the Mambu board, 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.”
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John Curtius, Partner at Tiger Global, said: “The shift to SaaS banking software has hit an inflection, and the strength of Mambu’s product offering perfectly positions the company to benefit from this strong secular trend. In speaking with many Mambu customers over the last several years, we were impressed by the consistently positive feedback from challenger and traditional banks alike.”
Eyes to double its team
Mambu was founded by Eugene Danilkis and Sofia Nunes in Berlin in 2011. Its customer base includes ABN AMRO, N26, OakNorth, Orange and Santandera among others. Mambu powers 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 plans to expand its platform and double the team to over 1000 Mambuvians by next year.
Notably, the announcement of the funding round comes after Mambu reached nearly 100% year-on-year growth in a banking software market, which is valued at more than $100B by Gartner. It also foresees to grow in double-digits.