The round valued Mambu at over €1.7 billion.

After reporting 100% year-on-year growth, SaaS banking platform Mambu announced a new funding round of €110 million. This round was led by TCV, while additional investment was received from Tiger Global and Arena Holdings. Existing investors Bessemer Venture Partners, Runa Capital, and Acton Capital Partners also participated. (CROWDFUND INSIDER)

TCV General Partner will join the Mambu board.

Mambu’s SaaS banking platform

Mambu is helping new fintechs set up their financial service products. It also assists the migration of existing financial institutions onto a tech stack fit for the fintech era.

ABN AMRO, N26, OakNorth, Orange, and Santander are customers of the company.

Eugene Danilkis, co-founder and CEO 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.”

Use of funds

Mambu will use the money to speed up its expansion and “deepen its footprint” in the 50 countries where it currently operates, with a special focus on the United States, Japan, and Brazil.

It also plans to bolster its workforce and to double it by 2022 to over 1,000.

John Curtius, Partner at Tiger Global, said: “The shift to SaaS banking software has hit an inflection, and the strength of Mambu’s product offering perfectly positions the company to benefit from this strong secular trend.”

Gartner currently values the banking software market at $100 billion and expects it to grow in double-digits.

Related Story: Banking Platform Mambu Ties Up With Digital Lending Platform Ranqx