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Mambu clinches bumper €110m funding from Revolut-backer TCV

Taking the fintech to a €1.7bn valuation.

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Eugene Danilkis/Mambu.

Berlin-based banking platform Mambu has raised a whopping €110m funding round, marking the first major European fintech raise of 2021.

Mambu—which provides services to the likes of Tide,OakNorth and N26—was valued at €1.7bn by investors in the round which was led by Revolut-backer TCV.

Other investors in the round included Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners.

“As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses,” said Eugene Danilkis, co-founder and CEO of Mambu.

“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.”

The cash also means Mambu can accelerate its growth in the more than 50 countries it operates in and focus on specific markets including Brazil, Japan and the US.

Hiring will also be key, with the fintech saying it plans to double its headcount by 2022 to over 1,000 “Mambuvians”.

Mambu also says it grew the size of its business approximately 100 per cent year on year in 2020.

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