The current Series E round values the company at €4.9bn and is said to be the largest fundraise for a banking software provider
Mambu is a Germany-based cloud banking platform. (Credit: StockSnap from Pixabay.)
German banking platform Mambu has raised €235m in a Series E financing round led by EQT Growth to improve its platform, technical capabilities, and support its expansion.
The current Series E round values the company at €4.9bn and is said to be the largest fundraise for a banking software provider.
Mambu intends to use the funding to advance its next-generation platform, and continue to expand its global footprint with a specific focus on 12 key markets.
The funding round was led by EQT Growth, the growth equity investment unit of the Sweden-based private investment organisation EQT.
EQT Growth is expected to work closely with Mambu to support its global expansion, platform innovation, and speed up the recruitment across its growing platform.
As part of the transaction, EQT Growth advisory team partner Carolina Brochado will be appointed as a member of the Mambu board of directors.
Carolina Brochado said: “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.
“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 €100bn market serviced by traditional banking software vendors and in-house solutions.”
Mambu has developed a suite of APIs to support lending, deposit and other banking products, along with analytics and other financial services tools, reported TechCrunch.
The company said that its SaaS banking platform will help financial institutions in creating, and deploying financial products for customers and businesses.
Mambu co-founder and CEO Eugene Danilkis said: “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.”