Berlin-based SaaS banking platform Mambu has raised €110 million during its latest funding round, increasing its valuation to over €1.7 billion.
The round was led by venture firm TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Mambu also received additional investment from Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners.
With ABN AMRO, N26, OakNorth, Orange and Santander among its customer base, Mambu had reported a 100% YoY growth.
Mambu stated that the investment will be used to deepen its footprint in the more than 50 countries in which it already operates and focus on new markets like Brazil, Japan, and the United States. The firm also plans on doubling its team to over 1000 staff by the year 2022.
Eugene Danilkis, co-founder and CEO of Mambu said,
“When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology. Nearly a decade later, this is more true now than ever, particularly given developments over the past year. As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses.
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,”
Featured image credit: Screengrab from Youtube
