The Berlin-based SaaS startup Mambu recently announced it has raised €30 million in its latest funding round. In addition to leading investor, US-based Bessemer Venture Partners, existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital also participated in the round.
Founded in 2011, Mambu claims to have experienced triple-digit growth for four consecutive years as an increasing number of challenger and established banks sign on to implement the platform.
The startup aims to use the funds to step up investment in both the commercial teams as well as the product, platform and services. This should result in achieving its projected 300% growth in the number of employees and 600% in revenues in the forthcoming years across all regions.
Mambu helps clients to successfully start up new business ventures, transform existing operations, launch new products and penetrate new markets, whilst improving their banking and lending portfolio.
“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.
“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.”
The startup has already generated great clientele from more than 50 countries. Mambu’s SaaS engine drives companies such as N26, OakNorth or Kreditch.