Mambu secures €30 million funding to accelerate growth
Funding round led by veteran Silicon Valley investors, Bessemer Venture Partners
Mambu, the leading SaaS banking engine, today announced it has raised €30 million in its latest funding round led by US-based Bessemer Venture Partners, one of the world's most experienced and successful SaaS-focused venture capital firms, with participation also coming from existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital.
Mambu, which launched in 2011, has experienced triple-digit growth for four consecutive years as an increasing number of challenger and established banks sign on to implement the platform. The funding will accelerate Mambu’s momentum by stepping up investment in both the commercial teams as well as the 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.
“The fintech era has changed financial services forcing institutions to digitize, innovate and scale to adapt to customer needs,” said Eugene Danilkis, Mambu CEO. “In a shifting technology landscape they have to move at the pace of a technology company rather than a traditional bank. 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. We provide the engine which allows them to be agile to respond to market changes and realize business value quickly,” said Danilkis.
“This latest funding round is a testament to our growing client base and industry-leading platform. We have clients in more than fifty countries on all continents, many of them industry leaders who understand the market dynamics and how we support their growth strategy and technological evolution.
“Bessemer has significant experience working with rapidly growing SaaS technology companies and saw the potential in our technology and operating model. Mambu is joining an elite group of companies, in which they have invested, which gives us access to a vast knowledge base of successful global SaaS businesses.We are delighted not only by the investment, but the network that we will be tapping into as we accelerate this exciting growth journey,” said Danilkis.
“Mambu is a game changer in a market that desperately needs dynamic solutions to help them evolve,” said Brian Feinstein, Partner at Bessemer Venture Partners.“We are impressed by their team, technology, rapid growth and the massive opportunity ahead as financial services becomes fundamentally tech-driven, cloud-first and API-enabled.Mambu has accomplished so much with a relatively small team and we are excited to be coming in to support them in their growth, at what we believe is a tipping point in the industry.”
International technology investment firm GP Bullhound acted as exclusive financial advisor to Mambu for this transaction
About Bessemer Venture Partners
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix, and MindBody. Bessemer's 15 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. For more information, please visit www.bvp.com.
Bessemer Venture Partners
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Mambu is the leading SaaS banking engine powering modern digital financial services. It is the lean alternative to cumbersome core banking systems, a cloud-native solution driving open API-enabled architectures. Mambu helps clients to successfully start up new business ventures, transform existing operations, launch new products and expand into new markets. The company provides financial institutions of all sizes with the agility to rapidly design, launch, service and scale their banking and lending portfolio.
Launched in 2011, the technology serves over eleven million end customers. With more than five million active accounts in over 50 countries, ranging from fintechs to traditional banks, Mambu is helping financial institutions evolve and thrive in the digital age. For more information, please visit our website, read our blog spot Hive, or connect with us on Twitter, LinkedIn, YouTube and Facebook.
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