SaaS banking platform Mambu has raised €110 million during its latest funding round, securing a valuation of over €1.7 billion.
With the Asia Pacific head office in Singapore, South East Asia will continue to be a key focus area for Mambu in 2021. The company said it will deepen its footprint in key markets including Japan, Singapore, Vietnam, Thailand, Indonesia, Australia and New Zealand (ANZ) as well as Malaysia.
The firm also plans on doubling its team to over 1000 staff by the year 2022 and is eyeing new markets like Brazil, Japan, and the United States.
The round was led by venture firm TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Mambu also received additional investment from Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners.
With ABN AMRO, N26, OakNorth, Orange and Santander among its customer base, Mambu had reported a 100% YoY growth prior to the funding round.
Eugene Danilkis, Co-founder and CEO of Mambu said,
“When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology. Nearly a decade later, this is more true now than ever, particularly given developments over the past year. This latest funding round allows us to accelerate our mission to make banking better for a billion people around the world and address one of the largest, most complex global market opportunities that’s still in the infancy of cloud,”
Myles Bertrand, Managing Director APAC of Mambu added,
“We are incredibly excited at what this new funding will mean for Mambu Asia Pacific – it’s a fantastic start to what looks to be an incredible year ahead for Mambu. Digital banking has experienced phenomenal growth over the past 12 months due in no small part to the COVID pandemic, and this funding boost means that we are in a fantastic position to be able to scale rapidly and respond to changing market conditions across the Asia Pacific region.”
