FinTech: Mambu Scores Largest Private Fundraise For A Banking Platform
Mambu is valued at more than $5.3 billion after $266 million Series E raise.
SaaS banking platform Mambu raised €235 million (about $266 million) in a Series E round led by EQT Growth that valued the company at €4.9 billion post money (~$5.3 billion). The funding marked the largest ever financing round for a banking software platform and catapulted Mambu into the ranks of the highest-valued B2B SaaS companies in Europe. (Yahoo Finance)
Operating in a banking enterprise software market that is growing in double digits and over €100 billion in size, the company has clocked year-on-year growth of more than 120% in Q3 of 2021. It signed up 40 new customers in 2021, many outside Europe, and including N26, Raiffeisen Bank, BancoEstado and ABN Amro. It currently has over 800 employees globally.
Commitment to sustainability, D&I and financial inclusion
Mambu helps in the creation of new fintechs, as well as the migration of existing financial institutions onto more modern technological systems.
“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,” said Eugene Danilkis, co-founder and CEO of Mambu.
“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, Partner within EQT Growth’s Advisory Team.
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