Microfinance Company Mambu Raises $2 Million In Series A
Mambu is a microfinance technology company that has raised $2 million in Series A funding from Runa Capital and Point Nine Capital. Kizoo Technology Ventures also participated in this round. Based in Berlin, Mambu said that this round of funding will be used to expand their team of microfinance experts. They will also use the funding to grow their global community and further develop their product. Mambu has offices in Germany, Spain, and Romania. Mambu operates as a software-as-a-service company for the global microfinance community.
Mambu was founded by Eugene Danilkis, Frederik Pfisterer, and Sofia Nunes after they spent a year on a microfinance research project with a focus on Africa. Mambu launched in May 2011 and they are working with over 70 microfinance organizations in 20 countries. They are reaching around 200,000 clients and is processing thousands of transactions per day.
Mambu plans to serve around 3 billion people around the world that do not have financial help. Mambu will help with all microfinance operations including portfolio management, accounting, and reporting.