Mambu raises AUD$170 million in funding round, achieves unicorn status
Mambu, the market-leading SaaS banking platform, today announced its latest funding round of €110 million (AUD$170 million) in new capital. This round was led by TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Additional investment was received by Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners. The new round brings the company’s valuation to over €1.7 billion (AUD$2.7 billion) and achieving unicorn status.
With this new round of financing, Mambu will continue to accelerate its rapid growth and deepen its footprint in the more than 50 countries in which it already operates and focus on markets like Australia, 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.
Mambu’s SaaS banking platform sets it apart from traditional core banking players as it drastically accelerates and simplifies the way financial products are built and serviced by any financial institution. Mambu’s platform is used by traditional banks, fintech startups, financial institutions, nonprofits and other businesses to power their financial products and services. Counting the likes of ABN AMRO, N26, OakNorth, Orange and Santander among its customer base, Mambu is powering both the building of new fintechs as well as the migration of existing financial institutions onto a tech stack fit for the fintech era. Mambu is continuing to expand both the breadth and depth of its platform and is planning to double the team to over 1000 Mambuvians by 2022.
Kristofer Rogers, General Manager ANZ, Mambu said, “Achieving ‘unicorn’ status is no mean feat, especially in the challenging economic climate brought about by the COVID pandemic. The Mambu ANZ team is absolutely thrilled with what this new funding boost will help us to achieve in the region, allowing us to continue to attract the best and brightest talent to our ANZ team, and offer Australian and New Zealand banks, financial institutions and fintechs innovative and market-leading cloud native core banking solutions.”
Myles Bertrand, Managing Director APAC, Mambu stated, “We are incredibly excited at what this new funding will mean for Mambu Asia Pacific – it’s a fantastic start to what looks to be an incredible year ahead for Mambu. We’re looking forward to continuing to build our presence in key markets including Japan, Singapore, Vietnam, Thailand, Indonesia, ANZ and Malaysia, and welcoming new customers across the region into the Mambu fold. Digital banking has experienced phenomenal growth over the past 12 months due in no small part to the COVID pandemic, and this funding boost means that we are in a fantastic position to be able to scale rapidly and respond to changing market conditions across the Asia Pacific region.”