Fintech Revolution Accelerated
Mambu’s latest success has received another dimension after the Berlin-based fintech startup saw its valuation rise to €1.7 billion. This financing round was led by major growth equity firms TCV (a Facebook and Netflix investor), Tiger Global, and Arena Holdings, with past investors Bessemer Venture Partners, Runa Capital, and Acton Capital Partners.
“When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology,” Eugene Danilkis, Mambu’s co-founder and CEO, said in a statement.
“Nearly a decade later, this is more true now than ever, particularly given developments over the past year.”
Mambu is helping big banks offer digital banking solutions. In essence, it is a Software-as-a-service (SaaS) banking platform that has benefited immensely from the accelerated digital transformation on the back of the coronavirus pandemic.
Funds will be used to drive growth and expand its outreach outside of Europe. The company plans to offer its services to banks and businesses located in the US, Japan, and Brazil, among other countries. The startup is already active in about 50 markets as their business revenue doubled last year after recording triple-digit growth for four consecutive years.
“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,” adds Danilkis.
During the previous funding series, it raised €30 million ($36.7 million) from Bessemer Venture Partners, Acton Capital, CommerzVentures, Point Nine Capital, and Runa Capital. Managers from Bessemer Venture Partners seemed particularly impressed with this fintech startup.
“Mambu is a game changer in a market that desperately needs dynamic solutions to help it evolve. We are impressed by their team, technology, rapid growth and the massive opportunity ahead as financial services becomes fundamentally tech-driven, cloud-first and API-enabled,” said Brian Feinstein, Partner at Bessemer Venture Partners.
“Mambu has accomplished so much with a relatively small team and we are excited to be coming in to support them in their growth, at what we believe is a tipping point in the industry.”
Germany-based fintech startup Mambu confirmed it raised €110 million in the latest funding round that values the company at €1.7 billion. TCV, one of the largest growth equity firms specializing in investing in private tech startups and an early investor in Facebook and Netflix, led this funding series.
About the Author
Avi Ben Ezra is the Chief Technology Officer (CTO) and Cofounder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.