Mambu, the SaaS banking platform, has raised a further €8 million in funding. The round was led by Acton Capital Partners and CommerzVentures, with participation from existing investors. The additional capital will be used to expand its commercial team, invest in the platform and to open new offices in Asia and the Americas.
Founded in 2011, Mambu started out servicing micro-lenders, primarily in emerging markets but has since expanded with most of its growth coming from Europe and Asia Pacific with companies that provide anything from consumer lending and SME lending to the backbone of P2P organizations and new consumer banking offerings.
These companies — which include new fintech startups and ‘challenger’ banks, new lending or banking projects of existing institutions or transformations of traditional providers — are primarily for-profit businesses, whereas some of Mambu’s original customers could be considered non-profit or social enterprises.
In fact, it’s so-called digital-first banks or fintech startups taking various slices of the traditional banking pie that the company appears to have its targets set going forward.
The Mambu platform claims to provide the complete ‘core’ banking software and infrastructure needed to bring digital-first banking business models to market. It says that in the last 12 months it has picked up 30 new customers, and added new functionality including support for various SME and P2P lending methodologies.
“This latest funding round is a testament to our growing client base and increasing market needs for a cloud banking platform,” said Eugene Danilkis, CEO of Mambu, in a statement. “We are building out the product and onboarding customers in multiple geographies and are excited that this new capital will allow us to deploy faster and better support our global client base as we continue to enable the next generation of banking service providers.”
Adds Stefan Tirtey, Managing Director at CommerzVentures: “Mambu has rapidly evolved to be an industry-leading modern, cloud based banking system that is opening up new opportunities for digital-first banking and is well positioned as a disruptive challenger to traditional and legacy banking systems.”