SaaS banking engine Mambu has raised €30m in its latest funding round, which was led by US-based Bessemer Venture Partners, to accelerate growth.
Mambu claims to have achieved triple-digit growth for four consecutive years as an increasing number of challenger and established banks sign on to implement the platform.
The company said it will use the funding to expand its commercial teams, as well as the product, platform and services, enabling to achieve its target of three-fold growth in headcount and six-fold in revenues in the forthcoming years across all regions.
Mambu CEO Eugene Danilkis said: “The fintech era has changed financial services forcing institutions to digitise, innovate and scale to adapt to customer needs.
“In a shifting technology landscape they have to move at the pace of a technology company rather than a traditional bank. As a direct result, we have experienced significant growth as these institutions change strategic direction and face new tech-enabled players entering the financial services market.”
Mambu, which has a single code-base, provides multiple editions of services to meet different functional and operational requirements.
Designed as an alternative to traditional business process management systems, the Mambu Process Orchestrator (MPO) will help create and operate modern banking architectures. It is provided as a service.
MPO offers a single platform for business logic, integration management and no-code/low-code process design with a visual development environment.
International technology investment firm GP Bullhound served as exclusive financial advisor to Mambu for this deal.
Bessemer Venture Partners partner Brian Feinstein said: “We are impressed by their team, technology, rapid growth and the massive opportunity ahead as financial services becomes fundamentally tech-driven, cloud-first and API-enabled.
“Mambu has accomplished so much with a relatively small team and we are excited to be coming in to support them in their growth, at what we believe is a tipping point in the industry.”