SaaS Banking Engine Mambu Raises USD 33.8 Million in Funding

BFSI News

SaaS-Banking-Engine-Mambu-Raises-USD-33.8-Million-in-Funding SaaS Banking Engine Mambu Raises USD 33.8 Million in FundingMambu, Software-as-a-Service (SaaS) banking engine, as per a recent press release statement, raised €30 million in its latest funding round. The round which was also participated by existing investors namely Acton Capital, CommerzVentures, Point Nine Capital, and Runa Capital, was led by US-based Bessemer Venture Partners. The €30 million (approx. $33.8 million) funding is not something out of the blue and was already being expected, owing to Mambu’s signing of an exclusive deal to bring into implementation its core banking system at Orange Bank‘s new location in Spain, earlier this month.

Earlier then, Mambu claimed to have concluded a funding round raising tens of millions, and promised to release the financial details soon. According to Eugene Danilkis, CEO, Mambu, institutions rather moving at a pace of a traditional bank, should instead gear up and move at the pace of a technology company. As they change their strategic direction and face new tech-enabled players entering the financial services market, they can experience significant growth.

The firm, which was launched in 2011, witnessed a triple-digit growth for four consecutive years, with multiple players, challengers, and established banks signing them on to implement the platform. The firm’s recent funding is expected to help its commercial teams, product, platform, and services; which further is expected to return a planned three-fold growth in headcount and six-fold in growth in revenues in the forthcoming years across all regions.

GP Bullhound, a technology investment firm, was Mambu’s exclusive financial advisor for this transaction.