Mambu, a market-leading, modern SaaS banking platform, has announced raising €235 million in an EQT Growth-led Series E funding round, the largest financing round to date for a banking software platform. The funding brings the company’s valuation to €4.9 billion post money, making it one of the highest-valued B2B SaaS companies founded in Europe.
As consumers and businesses alike are increasingly demanding frictionless digital banking experiences, Mambu’s SaaS banking platform accelerates and simplifies the way financial products are built and deployed by financial institutions. Powering both the creation of new fintechs as well as the migration of existing financial institutions onto more modern tech stacks, Mambu counts banks, lenders, fintechs and financial institutions as its customers, with over 50 million end users leveraging Mambu’s technology every day. The banking and securities enterprise software market is over €100 billion in size and experiencing double-digit annual growth, according to Gartner.
Demonstrating the accelerating and widespread global need for modern banking software, Mambu has delivered year-on-year growth of more than 120% in Q3 of 2021. The company has signed over 40 customers in 2021 to date, with more than 55% of new customers now being won outside of Europe, and significant commercial deployments across the globe including N26, Raiffeisen Bank, BancoEstado and ABN Amro. With 800 employees globally, Mambu continues to invest in its people and the community, and has a top-decile employee satisfaction score, a progressive flexible work environment with a four-day summer schedule and a bold ESG and sustainability strategy for the years ahead.
Mambu will use its fresh funding to further accelerate innovation in its next-generation platform, with the ambition of rolling out both new functional as well as technical capabilities. The company will also continue to expand its already-global footprint and customer success model to further support its international customer base which is active across 65 countries today, with specific focus on twelve key markets.
The round is led by EQT Growth, the growth equity strategy of the purpose-driven global investment organization EQT. Mambu and EQT Growth share an absolute commitment to responsible investing and diversity and inclusion. EQT was the first private markets firm to formalize science based targets to address climate change and one of the first companies in the world to have enshrined its Statement of Purpose to have a positive impact into its Articles of Association. As well as supporting Mambu’s commitment to sustainability, D&I and financial inclusion, EQT Growth plans to work closely with the company to support its further global expansion, platform innovation, and ramp-up of key hires across the growing platform.
Eugene Danilkis, co-founder and CEO of Mambu said: “Our vision in creating Mambu was always to create an industry-leading platform that will enable more than a billion people to have brilliant banking experiences. We want to be able to empower our customers to create any financial product anywhere in the world and create amazing customer experiences. 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.”
Carolina Brochado, Partner within EQT Growth’s Advisory Team, who will be joining Mambu’s Board of Directors, said: “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. 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.”