Mambu has announced its latest funding round of €110 Million in new capital. This round was led by TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Additional investments were received by Tiger Global and Arena Holdings, as well as existing investors like Bessemer Venture Partners, Runa Capital and Acton Capital Partners. The new fundraising round brings the company’s valuation to over €1.7 billion.
With this new round of financing, Mambu will continue to accelerate its growth and deepen its footprint in the more than 50 countries in which it already operates and focus on markets like Brazil, Japan as well as the United States. This announcement follows another year of approximately 100% YoY growth for Mambu in a banking software market which Gartner currently values at over $100 billion and is forecasting to grow at double-digits. FT Partners was the exclusive financial advisor on this transaction.
Eugene Danilkis, co-founder and CEO of Mambu said: “As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses. This latest funding round allows us to accelerate our mission to make banking better for a billion people around the world and address one of the largest, most complex global market opportunities that’s still in the infancy of cloud.”
TCV General Partner, John Doran who joins the Mambu board, said: “Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud. The team has built a highly composable, truly cloud-native product in a multi-billion dollar, rapidly-growing market traditionally dominated by large, slow-moving on-prem vendors. We have been following Mambu’s progress for many years and are truly delighted to be able to partner with Eugene and the entire Mambu team on their journey to expand their offerings to customers worldwide.”