SaaS banking platform Mambu closes Series E funding round, accelerates ANZ growth plans
Mambu, a market-leading, modern SaaS banking platform, has announced raising €235 million (approx. AUD$371 million) in an EQT Growth-led Series E funding round, the largest financing round to date for a banking software platform. The funding brings the company’s valuation to €4.9 billion (approx. AUD$7.74 billion) post money, making it one of the highest-valued B2B SaaS companies founded in Europe.
As consumers and businesses alike are increasingly demanding frictionless digital banking experiences, Mambu’s SaaS banking platform accelerates and simplifies the way financial products are built and deployed by financial institutions. Powering both the creation of new fintechs as well as the migration of existing financial institutions onto more modern tech stacks, Mambu counts banks, lenders, fintechs and financial institutions as its customers, with over 50 million end users leveraging Mambu’s technology every day. The banking and securities enterprise software market is over €100 billion in size and experiencing double-digit annual growth, according to Gartner.
Demonstrating the accelerating and widespread global need for modern banking software, Mambu has delivered year-on-year growth of more than 120% in Q3 of 2021. The company has signed over 40 customers in 2021 to date, with more than 55% of new customers now being won outside of Europe, and significant commercial deployments across the globe including N26, Raiffeisen Bank, BancoEstado and ABN Amro. With 800 employees globally, Mambu continues to invest in its people and the community, and has a top-decile employee satisfaction score, a progressive flexible work environment with a four-day summer schedule and a bold ESG and sustainability strategy for the years ahead.
Mambu will use its fresh funding to further accelerate innovation in its next-generation platform, with the ambition of rolling out both new functional as well as technical capabilities. The company will also continue to expand its already-global footprint and customer success model to further support its international customer base which is active across 65 countries today, with specific focus on twelve key markets.
Myles Bertrand (pictured), Managing Director APAC, at Mambu, said, “This funding news is tremendously exciting for our APAC operations, where we’ve experienced enormous growth since launching in 2017. Mambu APAC is tracking to reach 200% year-on-year growth for 2021, and we’re looking to repeat that in 2022. It’s particularly good news for our ANZ team, where the funding boost will enable us to aggressively seek the top talent in tech, business development and customer experience to strengthen our local team. We’ve been working with Austrade for several months to establish a formal Australian entity, which will be active by 1st January 2022, and we’ve also recently signed a Tier 1 Australian bank as a customer, which will be formally announced in the coming weeks, further cementing our presence in the country. We’ll leverage the funds to capitalise on the momentum we’ve already built and accelerate our ambitious plans for growth in the region.”