Mambu, a modern SaaS banking platform, has raised $265 million in Series E funding, a total it says is the largest financing round to date for a banking software platform. EQT Growth led the round,. The funding brings the company’s valuation to €4.9 billion.
The company’s SaaS banking platform improves the way financial products are built and deployed by financial institutions. It allows both the creation of new fintechs as well as the migration of existing financial institutions onto more modern tech stacks. More than 50 million end-users leveraging Mambu’s technology every day, the company said. The banking and securities enterprise software market is over €100 billion in size and experiencing double-digit annual growth, according to Gartner.
In a release Mambu said it has delivered year-on-year growth in excess of 120 per cent in Q3 of 2021. More than 40 customers have been added in 2021 to date, with more than 55 per cent of new customers now being won outside of Europe. Recent commercial deployments around the globe include deals with N26, Raiffeisen Bank, BancoEstado and ABN Amro.
“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,” Mambu co-founder and CEO Eugene Danilkis said.
Mambu will allocate the new funds to accelerate platform innovation. The company said it will also continue to expand its global footprint and customer success model to support customers across 65 countries, with specific focus on twelve key markets.
“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,” said Carolina Brochado, an EQT Growth Advisory Team partner.
Brochado will also be joining the Mambu board. She said EQT believes 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 €100 billion market serviced by traditional banking software vendors and in-house solutions.”
“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,” Danilkis concluded. “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.”