Amsterdam’s cloud banking engine provider Mambu has raised €235 million in a Series E funding round, now giving the fintech a €4.9 billion valuation. The fresh funding will be used to continue the development of the company’s services, and expand both commercial partnerships and its global footprint. To date, Mambu has accumulated €387 million in funding.
Founded in 2011, Mambu counts over 800 employees and 200+ customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, BancoEstado, League Data, and Orange Bank, and reports a year-on-year growth rate of over 120% in Q3 of this year. 2021 also was the firm net over 40 new customers, with more than half arriving from outside of Europe.
Mambu’s €235 million Series E round was led by EQT Growth, with the company declining to comment on any additional participants in the round, however, Series D investors included TCV (lead), Tiger Global, Arena Holdings, Bessemer Venture Partners, Runa Capital, and Acton Capital.
“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,” shared Mambu co-founder and CEO Eugene Danilkis. “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.”
“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,” commented EQT Growth’s Carolina Brochado. “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 €100 billion market serviced by traditional banking software vendors and in-house solutions.”