FINANCIAL software provider Mambu has raised €30m (£26m) in its latest funding round which it hopes will allow it to grow revenues sixfold.
Mambu develops cloud technology to power financial companies from top-tier banks to newer digital lenders. Its clients in the online lending space include Swiss platform Lendico and Nordic digital lender Folkefinans.
The firm, which launched in 2011, said it has seen triple-digit growth for four consecutive years. It will use this latest funding injection to invest in its commercial teams, product, platform and services. It hopes this will result in a three-fold growth in headcount and six-fold in revenues in the coming years across all regions.
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The funding round was led by US-based venture capital firm Bessemer Venture Partners. Other SaaS (software as a service)-focused venture capital firms including Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital also participated in the fundraising.
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“The fintech era has changed financial services, forcing institutions to digitise, innovate and scale to adapt to customer needs,” said Eugene Danilkis, chief executive of Mambu.
“In a shifting technology landscape, they have to move at the pace of a technology company rather than a traditional bank. As a direct result, we have experienced significant growth as these institutions change strategic direction and face new tech-enabled players entering the financial services market. We provide the engine which allows them to be agile to respond to market changes and realise business value quickly. This latest funding round is a testament to our growing client base and industry-leading platform.”
Brian Feinstein, partner at Bessemer Venture Partners, added: “Mambu is a game changer in a market that desperately needs dynamic solutions to help them evolve. We are impressed by their team, technology, rapid growth and the massive opportunity ahead as financial services becomes fundamentally tech-driven, cloud-first and API-enabled.
“Mambu has accomplished so much with a relatively small team and we are excited to be coming in to support them in their growth, at what we believe is a tipping point in the industry.”
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