Mambu, a Berlin-based fintech SaaS banking platform, has raised $34 million (30 million euros) in a funding round led by U.S. investment firm Bessemer Venture Partners. Action Capital, CommerzVentures, Point Nine Capital and Runa Capital also participated in the round. Mambu will use the funding to invest in its technology platform and to grow its sales and support staff.
“The fintech era has changed financial services, forcing institutions to digitalize, innovate and scale to adapt to customer needs,” indicated Mambu CEO Eugene Danilkis. “In a shifting technology landscape, they have to move at the pace of a technology company rather than a traditional bank.”
Launched in 2011, Mambu, which provides cloud-based software to legacy banks, startup fintechs and others to help them expand lending and full-service banking to mobile customers, powers over 6000 loan and deposit products which serve over eight million end customers. Mambu reports more than three million active accounts in 58 countries, ranging from fintech to traditional banks.
Last year Mambu announced an agreements with digital lending platform Lendico Switzerland AG, unicorn mobile bank N26, Helsinki-based mobile lender Ferratum and ABM Amro’s new10 small business platform.