Mambu, a contemporary SaaS banking platform, has raised €235 million in a Series E capital round led by EQT Growth, the biggest funding round for a financial software platform to date. The financing raises the company’s post-money valuation to €4.9 billion, making it one of Europe’s most valuable B2B SaaS businesses.
Mambu’s SaaS banking platform speeds and simplifies the way financial products are produced and implemented by financial institutions, as consumers and companies alike seek seamless digital banking experiences. Mambu’s technology is used by over 50 million end users every day, enabling the formation of new fintechs as well as the conversion of current financial institutions to more contemporary tech stacks. According to Gartner, the banking and securities enterprise software industry is worth over €100 billion and growing at double-digit rates.
Mambu has grown by more than 120 per cent year over year in Q3 of 2021, demonstrating the growing and widespread worldwide need for contemporary banking software. Too far, N26, Raiffeisen Bank, BancoEstado, and ABN Amro have signed over 40 clients in 2021, with more than 55 per cent of new customers coming from outside of Europe, and major commercial deployments across the world. Mambu, which employs 800 people worldwide, continues to invest in its people and the community, boasting a high employee satisfaction rating, a progressive flexible work environment that includes a four-day summer schedule, and a daring ESG and sustainability plan for the future.
Mambu plans to use its new capital to speed up innovation in its next-generation platform, with the goal of releasing new functional and technological features. The firm will also extend its already worldwide footprint and customer success approach to better assist its international client base, which now spans 65 countries with a concentration on twelve main regions.
EQT Growth, the purpose-driven global investment firm EQT’s growth equity strategy, is leading the round. Mambu and EQT Growth are both dedicated to ethical investing, as well as diversity and inclusion. EQT was one of the first companies in the world to incorporate its Statement of Purpose to have a positive effect in its Articles of Association, and one of the first private markets firms to adopt science-based aims to address climate change. EQT Growth expects to engage closely with Mambu to assist its continued worldwide development, platform innovation, and ramp-up of key hiring across the growing platform, in addition to supporting Mambu’s commitment to sustainability, diversity and inclusion, and financial inclusion.
“Our goal in establishing Mambu was to construct an industry-leading platform that would allow more than a billion people to have great banking experiences,” said Eugene Danilkis, Mambu’s co-founder and CEO. We want to provide our customers with the flexibility to create whatever financial product they want, anywhere on the planet, while also providing excellent customer service. With this recent funding, we will be able to continue developing our mission-critical banking platform, allowing for more composable, adaptable, and continuously evolving business models. EQT is a partner who shares our conviction that we must do this in a way that is both sustainable and equitable to everyone who participates in this thrilling and never-ending adventure, and that everything we do must have a positive social impact.”
“We have been watching Mambu’s path and exceptional execution for some years now,” Carolina Brochado, Partner within EQT Growth’s Advisory Team, who will be joining Mambu’s Board of Directors, stated. Given the tight convergence on principles of responsibility and sustainability, we have a deep connection to Mambu’s goal as a business and think that Mambu’s solution is making the financial system more accessible and inexpensive for millions of people throughout the world. We’re thrilled to be partnering with one of Europe’s top fintech firms and management teams, which provides an industry-leading contemporary cloud platform to target the large €100 billion market served by traditional banking software suppliers and in-house solutions.”
FT Partners served as the transaction’s only financial advisor.
