Mambu valued at €4.9bn after EQT Growth-led Series E round

Software-as-a-Service (SaaS) platform Mambu has raised €235 million in a Series E funding round led by EQT Growth, valuing the company at €4.9 billion.

Mambu said it intends to use the proceeds from the fundraising to accelerate “innovation in its next-generation platform”, with plans to rollout both new functionality, as well as technical capabilities.

It will also continue to expand its global footprint and customer model to support its international customer base, which is active across 65 countries, with a focus on 12 key markets.

Mambu has signed more than 40 customers in 2021 to date, with over 55% of new customers now being won outside of Europe.

EQT Growth, the growth equity strategy of the purpose-driven global investment organisation EQT, said it will work closely with Mambu to support the business’ expansion, its platform innovation, and with appointing “key hires” across the SaaS platform.

Eugene Danilkis, co-founder and CEO of Mambu, said: “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 they had been following Mambu’s journey for several years.

“We feel a strong connection to the vision of Mambu as an organisation, 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,” she added.

“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 €100 billion market serviced by traditional banking software vendors and in-house solutions.”

In a recent Q&A with Open Banking Expo, Mambu’s Eelco-Jan Boonstra, managing director of EMEA, discussed how banks and fintechs can better communicate the value of Open Banking to consumers and how the industry stepped up during the pandemic to meet the needs of SMEs.