Berlin-based Mambu is an SaaS banking platform that powers digital financial services, providing flexible, innovative banking architectures that allow its clients to operate like tech companies rather than banks. Mambu’s software helps banks and fintechs to transform their existing operations, launch new products and services, and expand into new markets, with clients including N26, OakNorth, and Kreditech.
The startup has just raised €30 million in its latest funding round led by US-based Bessemer Venture Partners, with participation from existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital.
“Mambu is a game changer in a market that desperately needs dynamic solutions to help it evolve,” said Brian Feinstein, Partner at Bessemer Venture Partners. “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.”
Launched in 2011, Mambu has experienced triple-digit growth for four consecutive years now, as an increasing number of challenger and established banks have signed on to implement the platform.
The funding will allow Mambu to accelerate its momentum and further invest in marketing, as well as the product, platform and services. Already present in fifty countries on all continents, the startup plans to grow its team by 300%, and its revenues by 600% in coming years.
“The fintech era has changed financial services forcing institutions to digitise, innovate and scale to adapt to customer needs,” said Eugene Danilkis, Mambu CEO. “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. We provide the engine which allows them to be agile to respond to market changes and realise business value quickly.”
“Bessemer has significant experience working with rapidly growing SaaS technology companies and saw the potential in our technology and operating model. Mambu is joining an elite group of companies, in which they have invested, which gives us access to a vast knowledge base of successful global SaaS businesses. We are delighted not only by the investment, but the network that we will be tapping into as we accelerate this exciting growth journey,” added Danilkis.