Modern SaaS banking platform Mambu has secured an investment of $266 million (€235 million) in a Series E round led by EQT Growth. The funding, the largest to date for a banking software platform according to Mambu, gives the Berlin, Germany-based company a valuation of $5.5 billion (€4.9 billion).
“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. Additionally, the company will use the new capital to expand its global footprint to support an international customer base that is currently active in 65 countries.
More than 50 million end users rely on Mambu’s technology every day. In Q3 of 2021, Mambu produced year-on-year growth of more than 1.2x. Also this year, the company has signed 40+ customers, with more than 55% of its new customers headquartered outside of Europe. Among the company’s more recent partnerships are its alliance with Capgemini to offer BaaS in the Asia-Pacific region, and its collaboration with Germany-based Raisin Bank, which launched its own BaaS offering using Mambu’s cloud banking platform. Other major deployments included N26, Raiffeisen Bank, and ABN Amro.
Founded in 2011 – and a Finovate alum since 2013 – Mambu most recently demonstrated its technology on the Finovate stage this September at FinovateFall. At the event, the company provided a birds-eye view of its SaaS cloud banking platform, showing how users can open an account, create and launch new solutions in minutes, and leverage integrations with Salesforce, Stripe, Marqeta, and others to include KYC, fraud and identity verification, CRM, and other services.
“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 said in a statement accompanying this week’s funding announcement. “We want to be able to empower our customers to create any financial product anywhere in the world and create amazing customer experiences.”