Mambu, a market-leading, modern SaaS banking platform, has announced raising $266 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 $5.5 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 more than 50 million end users leveraging Mambu’s technology every day. The banking and securities enterprise software market is over $113 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.
The round is led by EQT Growth, the growth equity strategy of the purpose-driven global investment organization EQT. Mambu and EQT Growth share an absolute commitment to responsible investing and diversity and inclusion. EQT was the first private markets firm to formalize science-based targets to address climate change and one of the first companies in the world to have enshrined its Statement of Purpose to have a positive impact into its Articles of Association. As well as supporting Mambu’s commitment to sustainability, D&I and financial inclusion, EQT Growth plans to work closely with the company to support its further global expansion, platform innovation, and ramp-up of key hires across the growing platform.
Eugene Danilkis, co-founder and CEO of Mambu, said, “Our vision in creating Mambu was always to create an industry-leading platform that will enable more than a billion people to have brilliant banking experiences. We want to be able to empower our customers to create any financial product anywhere in the world and create amazing customer experiences. This latest round of funding will allow us to accelerate our plans in expanding our mission-critical banking platform to further enable composable business models which are agile and continuously evolving. EQT is a partner who shares our views that we need to do this sustainably and fairly to all who contribute to this exciting never-ending journey and to leave a positive social impact in everything we do.”
Carolina Brochado, Partner within EQT Growth’s Advisory Team, who will be joining Mambu’s Board of Directors, said, “We have been following Mambu’s journey and stellar execution for several years now. We feel a strong connection to the vision of Mambu as an organization, given the close alignment on values of responsibility and sustainability, and believe that Mambu’s solution is making the financial system more accessible and affordable for millions around the world. We are excited to partner with one of the leading fintech companies and management teams in Europe, which offers an industry-unique and leading modern cloud platform to address the massive $113 billion market serviced by traditional banking software vendors and in-house solutions.”
FT Partners was the exclusive financial advisor on this transaction.
About Mambu
Mambu is the world’s only true SaaS cloud banking platform. Mambu fast-tracks the design and build of nearly any type of financial product for banks, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be configured any way our customers require to meet their customer’s needs. Founded in 2011, Mambu has 800 employees and 200 customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, BancoEstado, League Data and Orange Bank.
More info: www.mambu.com
About EQT Growth
EQT Growth are European investors dedicated to unleashing growth in Europe’s technology champions. It explores thematic growth opportunities at the point companies are ready to scale, investing in a range of technology and technology-enabled businesses. EQT Growth’s portfolio companies include Bought By Many, Epidemic Sound, Mambu, Mollie and Vinted.
EQT Growth is part of EQT, a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity.
Learn more about EQT Growth: https://eqtgroup.com/private-capital/growth
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