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Mambu raises €30 million to fund platform expansion

Eugene Danilkis, Mambu CEO

Germany-based SaaS banking software provider, Mambu, has secured  €30 million to accelerate growth in a funding round led by Silicon Valley investors- Bessemer Venture Partners. The round witnessed participation of other significant investors such as Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital.

“The fintech era has changed financial services forcing institutions to digitize, innovate and scale to adapt to customer needs,” said Eugene Danilkis, Mambu CEO. “In a shifting technology landscape, they have to move at the pace of a technology company rather than a traditional bank. As a direct result, we have experienced significant growth as these institutions change strategic direction and face new tech-enabled players entering the financial services market. We provide the engine which allows them to be agile to respond to market changes and realize business value quickly,” said Danilkis.

The funding, according to Mambu, will assist the company to step up its investment in its commercial as well as products, platform and services team which would result in a planned three-fold growth in headcount and six-fold in revenues in the forthcoming years across all regions.

“Mambu is a game changer in a market that desperately needs dynamic solutions to help them evolve,” said Brian Feinstein, Partner at Bessemer Venture Partners. “We are impressed by their team, technology, rapid growth and the massive opportunity ahead as financial services becomes fundamentally tech-driven, cloud-first and API-enabled.”

Mambu in November announced an agreement with Lendico Switzerland AG, which operates a digital lending platform for small business. Mambu is also working with mobile bank N26, Helsinki-based mobile lender Ferratum and ABM Amro’s new10 small business platform.

Launched in 2011, Mambu is the leading SaaS banking engine powering modern digital financial services providing an alternative to core banking systems, a cloud-native solution driving open API-enabled architectures. Mambu helps clients to start up new business ventures, transform existing operations, launch new products and expand into new markets. The company provides financial institutions of all sizes with the agility to design, launch, service and scale their banking and lending portfolio It has more than five million active accounts in over 50 countries ranging from fintechs to traditional banks.

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