Mambu, a SaaS banking platform, announced its latest funding round of €110 million in new capital. This round was led by TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit.
Additionally investments was received from Bessemer Venture Partners, Runa Capital, and Acton Capital Partners, Tiger Global and Arena Holdings. The new round brings the company’s valuation to over €1.7 billion.
With this new funding round, Mambu will continue to accelerate its rapid growth and deepen its presence in the more than 50 countries in which it already operates, focusing on markets such as Brazil, Japan, and the United States.
This announcement follows another year of Mambu’s 100 percent year-on-year growth in a banking software market that Gartner currently rates at over $100 billion and is predicting double-digit growth. The exclusive financial consultant on this deal was FT Partners.
Eugene Danilkis, Co-Founder and Chief Executive Officer 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. With increasing number of challengers 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.”
Adding on, TCV General Partner, John Doran who joins the Mambu board, stated that, “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. We have been following Mambu’s progress for many years and are truly delighted to be able to partner with Eugene and the entire Mambu team on their journey to expand their offerings to customers worldwide.”
Notably, Mambu is continuing to expand both the breadth and depth of its platform and is planning to double the team to over 1000 Mambuvians by 2022.