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SaaS Banking Specialist Mambu Scores $34 Million in Funding

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.