SaaS Startup Mambu Closes €235M Funding Deal at €4.9B Valuation

Software-as-a-service (SaaS) banking platform Mambu raised €235 million in Series E funding round led by EQT Growth, bringing its valuation to €4.9 billion and making it one of the highest-valued B2B SaaS companies founded in Europe, according to a press release on Thursday (Dec. 9).

“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,” said Eugene Danilkis, co-founder and CEO of Mambu.

See also: Mambu Digital Solution Targets SMB Lenders

“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,” he said.

Danilkis added that the fresh infusion of capital will help Mambu speed its expansion plans to bring its “mission-critical banking platform to further enable composable business models which are agile and continuously evolving.”

Mambu’s SaaS banking platform strives to simplify the development and deployment of banks’ financial products. Mambu powers the formation of new FinTechs and the transfer of existing financial institutions onto more modern stacks.

Read more: B2B Customers Now Expect a B2C-Like Seamless Purchasing Experience

More than 50 million end users tap Mambu’s tech daily, with banks, lenders, FinTechs, and other financial institutions among the company’s many customers. The company posted year-on-year growth topping 120 percent in the third quarter of this year and has signed more than 40 new clients in 2021 to date.

Over 55 percent of new customers are coming from outside of Europe, with commercial deployments that include N26, Raiffeisen Bank, BancoEstado and ABN Amro. Mambu employs 800 people worldwide and is currently active in 65 countries today, with a concentration on 12 key markets.