SaaS Banking Specialist Mambu Scores $34 Million in Funding

Software-as-a-Service (SaaS) banking firm Mambu has raised $34 million (€30 million) in its latest funding round led by US-based Bessemer Venture Partners, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The round also had participation from existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital. The company’s funding total now stands at more than $47 million.

The news is not a surprise to FinTech Futures, because at the start of this month – and in an exclusive – Mambu signed a deal to implement its core banking system at Orange Bank‘s new location in Spain.

At that time, Mambu said it had recently completed a funding round “in the tens of millions” and would provide details soon.

In the latest chapter, Eugene Danilkis, Mambu CEO, said institutions “have to move at the pace of a technology company rather than a traditional bank” and “as a direct result, we have experienced significant growth as these institutions change strategic direction and face new tech-enabled players entering the financial services market.”

Mambu, which launched in 2011, says it has experienced triple-digit growth for four consecutive years as challenger and established banks sign on to implement the platform.

The funding will be used for its commercial teams, and product, platform and services; resulting in a “planned three-fold growth in headcount and six-fold in revenues in the forthcoming years across all regions”.

Technology investment firm GP Bullhound acted as exclusive financial advisor to the firm for this transaction

In terms of other recent news about Mambu, FinTech Futures understands that its core system is in the running for Scottish SME challenger bank AlbaCo and Diamond Bank UK.

Mambu is an alum of Finovate’s developer conference, FinDEVr, presenting Smart Consumer Lending: Platform and Scoring Architecture at FinDEVr Silicon Valley 2016. The company is headquartered in Berlin, Germany.

Finovate Alumni News

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  • SaaS Banking Specialist Mambu Scores $34 Million in Funding.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Mambu Takes its SaaS Core Banking to Orange Bank in Spain

Mambu has signed a deal to implement its Software-as-a-Service (SaaS)-based core banking system at Orange Bank‘s new location in Spain, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Mambu has also confirmed that it recently completed a funding round, and said it will be revealing details about this soon.

Fintech Futures understands the value of this round is in the tens of millions, but it hasn’t been confirmed yet.

According to Fintech Futures’ sources, Orange Bank has also picked Mambu for one of its Eastern Europe locations, possibly Romania or Bulgaria.

These may be just rumors, however, as Orange Bank says: “For the moment the contract does not stipulate any other country. This will be seen later, depending of future deployments in Europe.”

It is understood that for these new locations, Orange Bank went through a selection process that Mambu won.

Mambu has declined to comment on the deal.

The French business of the bank uses the SAB AT system from French core banking tech supplier SAB.

In 2016, the French mobile operator acquired 65% of Groupama shares, to launch a bank, and leveraged its tech to do so.

For its mobile front-end, Orange Bank uses Backbase’s platform.

Mambu demonstrated its cloud native, SaaS banking solution at FinovateAsia 2013. A few years later, the company participated in our developers conference, FinDEVr New York 2016, presenting Smart Consumer Lending: Platform and Scoring Architecture, a look at the company’s collaboration with alternative lender, Lenddo.

Founded in 2011, Mambu is headquartered in Berlin, Germany.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

 

Process as Product: Middleware and Mambu Strengthen Alliance

Middleware, maker of the Corezoid Process Engine, and Saas banking engine innovator, Mambu, announced this week that they have strengthened their strategic partnership. The two companies have teamed up develop solutions that will enable banks and lenders to improve client onboarding, loan origination regulatory reporting, and card and payments connectivity.

The centerpiece of the partnership is the Mambu Process Orchestrator (MPO). Based on the Corezoid Process Engine and unveiled last fall, MPO is an integration platform as a service (iPaaS) offering that will make it easier for Mambu’s customers to connect multiple APIs together to streamline and better manage business processes.

“Corezoid allows clients to change how they see APIs to thinking in terms of assembling processes in the cloud,” Middleware founder and CEO Alexander Vityaz said. “Partnership with Mambu is part of Middleware’s global growth strategy. They work with clients in over 55 countries, and companies in these countries are now able to start leveraging Corezoid technology for their business through Mambu’s services.”

Mambu CTO Ben Goldin praised Middleware’s “unique vision and patented technology,” and said the enhanced partnership will enable Mambu to build out its cloud banking capabilities and boost adoption of its cloud-native banking engine. He added that Mambu is considering deploying other Middleware solutions such as its Messenger Bot Platform and DeepMemo Rules Engine after the launch of MPO.

Middleware participated in our developers conference FinDEVr Silicon Valley 2015, presenting Build Your Company’s Digital Core with Corezoid, an introduction to the company’s cloud operating system. Founded in 2014 and headquartered in Redwood City, California, the company’s customers include Western Union, TBC Bank, Tsesna Bank, and METRO.

Founded in 2011, Mambu is a leading global SaaS banking e=platform for digital financial services providers. The company’s technology powers more than 6,000 loan and deposit solutions, serving more than nine million end customers. The company is also an alum of our developers conferences, presenting Smart Consumer Lending: Platform and Scoring Architecture, at FinDEVr New York 2016, in partnership with Lenddo. Mambu also demonstrated its platform at FinovateAsia 2013 in Singapore.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

NF Innova | NFG and Mambu Team Up to Deliver New Digital Banking Solution

New Frontier Group (NFG), the company behind software development and digital transformation firm, NF Innova, has announced a new partnership with SaaS banking specialist Mambu. The partnership will enable NFG to extend its digital banking offering, creating a fully online and automated digital banking solution that will make it easier for FIs to not only digitize and automate customer-facing processes, but also get new products and services to market faster.

“Customer expectations have changed and institutions need to be flexible enough to respond quickly in an evolving market,” NFG Managing Director Gregor Bierent said. “Our partnership with Mambu is a natural fit that creates an integrated solution where the approach to agility, integration, modularity is aligned.”

NFG’s platform provides personalized, real-time service and easy onboarding across all digital channels. Leveraging Mambu’s banking engine, the solution delivers PFM, customer segmentation, smart bots and other applications via a cloud-native API-enabled architecture. Institutions can readily integrate complementary solutions to the platform to suit the specific needs of their markets, as well.

“We can now deliver an end-to-end solution from online onboarding to loans administration, KYC and availability across opti-channels, ranging from mobile to watches which are all managed through a single interface,” Bierent added. “Through the intuitive and configurable combined solution, institutions can offer their customers a rich and seamless experience.”

“We are pleased to welcome NFG to our growing partner ecosystem,” Mambu CTO and CPO Ben Goldin said. “Their opti-channel solution will help our mutual clients to create intuitive and seamless experiences for digitally driven financial institutions.”

NF Innova was founded in 2013 and is headquartered in Serbia. The company demonstrated its iBanking Opti-Channel Bot at FinovateEurope 2018. Part of the New Frontier Group, NF Innova is dedicated to building state-of-the-art customer engagement solutions. The company also announced this week that Albania’s Raiffeisen Bank will be deploying its digital self-service kiosks to provide 24/7 availability, reduced transaction times, and improved ease of access for the bank’s customers.

Mambu made its Finovate debut at FinovateAsia 2013 in Hong Kong. Based in Berlin, Germany, and founded in 2011, Mambu leverages its cloud-based SaaS technology to provide financial institutions with a state-of-the-art, end-to-end core banking system. Mambu’s offering provides FIs with a range of solutions including loan and deposit product creation and servicing as well as client relationship management and reporting. With more than $13 million in funding, Mambu includes Acton Capital Partners and CommerzVentures among its investors. Eugene Danilkis is co-founder and CEO.