Mambu raises €235m at €4.9b valuation in EQT Growth led Series E funding round

By Joy Dumasia

Mambu, a modern SaaS banking platform, has announced raising €235 million in an EQT Growth-led Series E funding round, the most significant financing round to date for a banking software platform. The funding brings the company’s valuation to €4.9 billion post-money, making it one of the highest-valued B2B SaaS companies founded in Europe.

Mambu has delivered year-on-year growth of more than 120% in Q3 of 2021. The company has signed over 40 customers in 2021, 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.

Mambu will use its fresh funding to further accelerate innovation in its next-generation platform, with the ambition of rolling out both new functionality as well as technical capabilities. The company will also continue to expand its already-global footprint and customer success model to further support its international customer base, active across 65 countries today, with a specific focus on twelve key markets.

Mambu and EQT Growth share an absolute commitment to responsible investing and diversity and inclusion. EQT was the first private markets firm to formalize science-based targets to address climate change and one of the first companies in the world to have enshrined its Statement of Purpose to positively impact its Articles of Association. As well as supporting Mambu’s commitment to sustainability, D&I and financial inclusion, EQT Growth plans to work closely with the company to support its further global expansion, platform innovation, and ramp-up of critical hires across the growing platform. 

Eugene Danilkis, co-founder and CEO of Mambu, said: “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.”