SaaS banking dev Mambu hits €4.9bn valuation

Mambu, a SaaS banking platform, has hit a €4.9bn valuation following the close of a €235m Series E round.

The investment was led by EQT Growth, who will work closely with Mambu to support its global expansion, platform innovation and ramp-up key hires across the platform.

With the close of the round, Mambu plans to add new functional and technical capabilities to its platform, as well as expand its international customer base. Currently, its customers are spread across 65 countries.

The FinTech company claims to be the world’s only true SaaS cloud banking platform. It helps companies accelerate the design and development of financial products for banks, lenders, FinTechs, retailers, telcos and more.

Founded in 2011, the company has 200 customers, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, BancoEstado, League Data and Orange Bank.

The FinTech company has experienced strong growth over the past year, including a year-over-year growth of over 120% in Q3 2021. It has also signed 40 new customers in 2021, with 55% of new customers from outside of Europe.

Mambu co-founder and CEO Eugene Danilkis 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.”

In January 2021, Mambu reached a $2bn valuation after the close of a $134m funding round.

The FinTech company recently released a report that claimed Three quarters of global consumers are now more likely to use digital banking than before the pandemic. It also revealed 41% of respondents were using digital banking services for the very first time because of the pandemic.

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