Mambu raises €8M Series B led by Acton Capital to accelerate global expansion
Berlin/Munich, January 11, 2016 – SaaS banking platform provider Mambu announced the closing of a €8 million Series B funding round led by Munich-based VC firm Acton Capital and CommerzVentures with participation from existing investors.
Mambu enables innovative banking providers to rapidly create, launch and service loan and deposit products through its agile, flexible and affordable cloud banking platform. An alternative to legacy core banking software, the platform accelerates time to market for new consumer and SME banking products via digital channels, at a fraction of the cost.
Established in 2011 in Berlin, the company has deployed in more with more than 130 locations in 33 countries worldwide, servicing a portfolio of more than a million accounts. Mambu’s clients leverage the banking engine to launch consumer and MSME-focused banking products in a digital-first business model seeking to serve underserved markets and disrupt traditional banking around the world.
The latest funding will be used to continue building on Mambu’s global momentum and successes, with the company achieving over three times year-over-year growth and recording several significant milestones over the last 12 months. This includes new customers, a quadrupling of portfolio under management and an array of new functionality including support for various SME and P2P lending methodologies.
“We are building out the product and onboarding customers in multiple geographies and are excited that this new capital will allow us to deploy faster and better support our global client base as we continue to enable the next generation of banking service providers,” said Eugene Danilkis, CEO and co-founder of Mambu.
As part of its global growth, Mambu plans to substantially expand its commercial team, increase investment into the platform and open further offices to support its growth in Asia and the Americas. The company is at the forefront of digital banking with an innovative offering that provides the complete core banking software and infrastructure needed to bring its digital-first banking business model to market.
“The FinTech landscape is rapidly evolving and with investment in this space at a high the industry is seeing an increase in opportunities across all geographies and banking verticals. We are looking forward to helping the company build on the momentum it has already achieved and continue to establish themselves as the cloud engine of the FinTech revolution,” said Fritz Oidtmann, Managing Partner at Acton Capital.
“Thanks to its position as a global FinTech player, Mambu has the potential to become the platform-of-choice for emerging FinTech companies and as an engine for innovation for the established organizations.”
“We see Mambu as the next generation of banking platforms and cloud technology with huge potential to fill a significant need in the market,” said Stefan Tirtey, Managing Director at CommerzVentures. “Mambu has rapidly evolved to be an industry-leading modern, cloud based banking system that is opening up new opportunities for digital-first banking and is well positioned as a disruptive challenger to traditional and legacy banking systems.”