- Mambu — a market-leading, modern SaaS banking platform — announced recently it raised $266 million in Series E funding. These are the details.
Mambu — a market-leading, modern SaaS banking platform — announced recently it raised $266 million in an EQT Growth-led Series E funding round, which is the largest financing round to date for a banking software platform. The funding round brings the company’s valuation to $5.5 billion post-money, making it one of the highest-valued B2B SaaS companies founded in Europe.
Mambu’s SaaS banking platform accelerates and simplifies the way financial products are built and deployed by financial institutions. And Mambu counts banks, lenders, fintech, and financial institutions as its customers, with more than 50 million end-users leveraging Mambu’s technology every day. The banking and securities enterprise software market is over $113 billion in size and experiencing double-digit annual growth, according to Gartner.
The company delivered year-on-year growth of more than 120% in Q3 of 2021. And the company has signed over 40 customers in 2021 to date, with more than 55% of new customers now being won outside of Europe, and significant commercial deployments across the globe including N26, Raiffeisen Bank, BancoEstado, and ABN Amro. With 800 employees globally, Mambu continues to invest in its people and the community and has a top-decile employee satisfaction score, a progressive flexible work environment with a four-day summer schedule, and a bold ESG and sustainability strategy for the years ahead.
Mambu will be using its fresh funding to further accelerate innovation in its next-generation platform, with the ambition of rolling out both new functional as well as technical capabilities. And the company will also continue to expand its already-global footprint and customer success model to further support its international customer base, which is active across 65 countries today, with a specific focus on 12 key markets.
The funding round is led by EQT Growth, the growth equity strategy of EQT. And Mambu and EQT Growth share an absolute commitment to responsible investing and diversity and inclusion.
KEY QUOTES:
“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. 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. EQT is a partner who shares our views that we need to do this sustainably and fairly to all who contribute to this exciting never-ending journey and to leave a positive social impact in everything we do.”
— Eugene Danilkis, co-founder and CEO of Mambu
“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 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. We are excited to partner with one of the leading fintech companies and management teams in Europe, which offers an industry-unique and leading modern cloud platform to address the massive $113 billion market serviced by traditional banking software vendors and in-house solutions.”
— Carolina Brochado, Partner within EQT Growth’s Advisory Team, who will be joining Mambu’s Board of Directors
