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Mambu co-founder and CEO Eugene Danilkis | Image credit: Mambu

Amsterdam/London-based Mambu, a software-as-a-service (SaaS) banking engine provider, announced that it has raised €235M in its Series E round of funding – the largest financing round to date for a banking software platform.

With this round, the company’s valuation has reached €4.9B, making it one of the highest valued B2B SaaS companies founded in Europe.

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The investor

The Series E round was led by EQT Growth, the growth equity strategy of the purpose-driven global investment organisation EQT.

EQT claims to be the first private markets firm to formalise science based targets to address climate change and one of the first companies to have enshrined its Statement of Purpose to have a positive impact into its Articles of Association.

The firm is supporting Mambu’s commitment to sustainability, diversity and inclusion, and financial inclusion. EQT Growth plans to work closely with the company to support its further global expansion, platform innovation, and ramp-up of key hires across the growing platform.

With this investment, Carolina Brochado, Partner within EQT Growth’s Advisory Team, will join Mambu’s Board of Directors. 

Brochado says, “We have been following Mambu’s journey and stellar execution for several years now. We feel a strong connection to the vision of Mambu as an organisation, 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.”

“Build modern digital financial products faster, securely, and cost-effectively”

As consumers and businesses are increasingly demanding frictionless digital banking experiences, Mambu claims that its SaaS banking platform accelerates and simplifies the way financial products are built and deployed by financial institutions.

Founded in 2011 by Eugene Danilkis, Frederik Pfisterer and Sofia Nunes, Mambu helps financial institutions of all sizes to design, launch, service, and scale their banking and lending portfolio. 

“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,” says Danilkis.

With the accelerating and widespread global need for modern banking software, Mambu has witnessed year-on-year growth of more than 120 per cent in Q3 of 2021. It has signed over 40 customers in 2021 to date, with more than 55 per cent of new customers from outside of Europe. Currently, the company has 200 customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, BancoEstado, League Data, and Orange Bank.

With 800 employees globally, Mambu continues to invest in its people and the community. Every month the company claims to add 3.5 million new end user accounts to its platform, with a total of 50 million to date.

In January 2021, Mambu raised €110M in funding led by TCV. Besides new investors Tiger Global and Arena Holdings, existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners also participated in that round.

Capital utilisation

The proceeds from this round will help Mambu to accelerate innovation of its platform, and in rolling out both new functional and technical capabilities. The company will also invest in global expansion and customer success model to support its international customer base which is active across 65 countries, with specific focus on twelve key markets.

Danilkis says, “We want to be able to empower our customers to create any financial product anywhere in the world and create amazing customer experiences. 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.”