Mambu, the market-leading SaaS banking platform, today announced its latest funding round of €110 million ($134 million USD) in new capital. This round was led by TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Additional investment was received by Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners. The new round brings the company's valuation to over €1.7 billion.
With this new round of financing, Mambu will continue to accelerate its rapid growth and deepen its footprint in the more than 50 countries in which it already operates and focus on markets like Brazil, Japan, and the United States. This announcement follows another year of approximately 100% YoY growth for Mambu in a banking software market which Gartner currently values at over $100 billion and is forecasting to grow at double-digits. FT Partners was the exclusive financial advisor on this transaction.
Mambu's SaaS banking platform sets it apart from traditional core banking players as it drastically accelerates and simplifies the way financial products are built and serviced by any financial institution. Mambu's platform is used by traditional banks, fintech startups, financial institutions, nonprofits and other businesses to power their financial products and services. Counting the likes of ABN AMRO, N26, OakNorth, Orange and Santander among its customer base, Mambu is powering both the building of new fintechs as well as the migration of existing financial institutions onto a tech stack fit for the fintech era. Mambu is continuing to expand both the breadth and depth of its platform and is planning to double the team to over 1000 Mambuvians by 2022.
Eugene Danilkis, founder and CEO of Mambu said: "When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology. Nearly a decade later, this is more true now than ever, particularly given developments over the past year. As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses.
"This latest funding round allows us to accelerate our mission to make banking better for a billion people around the world and address one of the largest, most complex global market opportunities that's still in the infancy of cloud," he said.
TCV General Partner, John Doran who joins the Mambu board, said: "Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud. The team has built a highly composable, truly cloud-native product in a multi-billion dollar, rapidly-growing market traditionally dominated by large, slow-moving on-prem vendors. We have been following Mambu's progress for many years and are truly delighted to be able to partner with Eugene and the entire Mambu team on their journey to expand their offerings to customers worldwide."
About Mambu
?Mambu is the SaaS banking platform that is changing financial services. This rapidly growing company? ?was launched in 2011? and is enabling customers to build modern banking ?and lending? offerings? fast, securely and simply?. Through its composable banking approach, the platform gives customers the ability to design and service nearly any financial product while rapidly integrating to the best-of-service ecosystem of complementary solutions around the world. Mambu has a global network? of nearly 500 employees? supports ?160 customers in over 50 countries. ?It counts N26, OakNorth, ABN AMRO and Santander amongst its extensive list of customers.? For more information, please visit our website or connect with us on Twitter, LinkedIn, YouTube and? ?Facebook.
About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since its inception, TCV has invested over $14 billion in leading technology companies, including more than $2.5 billion in fintech, and has helped guide CEOs through more than 125 IPOs and strategic acquisitions.
TCV's investments include Airbnb, AxiomSL, Dollar Shave Club, ExactTarget, Expedia, Facebook, LinkedIn, Netflix, Nubank, Payoneer, Splunk, Spotify, WorldRemit, and Zillow. In Europe, TCV has invested over $2 billion in companies including Believe Digital, Brillen.de, Perfecto, FlixMobility, Klarna, Mollie, OneTrust, RELEX Solutions, Revolut, RMS, Sportradar, Spryker, The Pracuj Group, and WorldRemit. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/
View source version on businesswire.com: https://www.businesswire.com/news/home/20210107005157/en/
Contacts:
Media Contacts:
For Mambu US/Canada
Anna Stanley
251.517.7857
anna@williammills.com
For Mambu UK/Europe
Stephanie Libous
stephanie.libous@allisonpr.com
+44 7751 597 558
For TCV
Katja Gagen
+1 415.690.6689
kgagen@tcv.com
