Mambu bags €235m Series E at €4.9bn valuation as growth accelerates

Banking platform Mambu has become one of the most highly valued fintechs in Europe following a €235m Series E fundraising round that values the business at €4.9bn.

The round, which was led by EQT Growth a backer of payments fintech Mollie, represents a near tripling of its valuation in under a year. It raised €110m in January of 2021 at a €1.7 valuation from Revolut investor TCV.

Based in Berlin but active across Europe and the wider world, Mambu provides software to large banks digitising their operations as well as fintechs such as N26,Tide and OakNorth. It now employs over 800 people.

It claims c200 customers, 20 per cent of whom were signed up in 2021 and over 50 million end-users across Europe, North America, Asia Pacific, the Middle East, and Latin America. More than half (55 per cent) of new customers are now being won outside of Europe.

Mambu says it is the largest financing round to date for a banking software platform and comes after it delivered year-on-year growth of more than 120 per cent in Q3 of 2021. 

Eugene Danilkis, co-founder and CEO of Mambu said: “Our vision in creating Mambu was always to create an industry-leading platform that will enable more than a billion people to have brilliant banking experiences. 

“We want to be able to empower our customers to create any financial product anywhere in the world and create amazing customer experiences. This latest round of funding will allow us to accelerate our plans in expanding our mission-critical banking platform to further enable composable business models which are agile and continuously evolving.”