Mambu, the SaaS banking engine, has announced it has raised €30 million in its latest funding round led by US-based Bessemer Venture Partners, one of the world’s most experienced and successful SaaS-focused venture capital firms, with participation also coming from existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital.
Mambu, which launched in 2011, has experienced triple-digit growth for four consecutive years as an increasing number of challenger and established banks sign on to implement the platform. The funding will accelerate Mambu’s momentum by stepping up investment in both the commercial teams as well as the product, platform and services, resulting in a planned three-fold growth in headcount and six-fold in revenues in the forthcoming years across all regions.
“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,” said Danilkis.
“This latest funding round is a testament to our growing client base and industry-leading platform. We have clients in more than fifty countries on all continents, many of them industry leaders who understand the market dynamics and how we support their growth strategy and technological evolution.
“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,” said Danilkis.
“Mambu is a game changer in a market that desperately needs dynamic solutions to help them 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.”
International technology investment firm GP Bullhound acted as exclusive financial advisor to Mambu for this transaction