Start-up behind Oaknorth platform secures €30m
SaaS banking platform Mambu has secured €30 million investment.
The Berlin start-up provides cloud-based tech for the likes of challenger bank Oaknorth.
The capital from the funding round, led by Bessemer Venture Partners, will enable Mambu to further accelerate its growth by expanding its sales footprint and development capabilities.
The Mambu core banking engine is already home to more than $7 billion assets under management, 11m end customers and more than 6,000 financial products in over 270 deployments.
Mambu counts fast-growing FinTechs as well as established banks as part of its quickly expanding client base. The company has more than 170 employees on four continents.
Eugene Danilkis, founder and CEO of Mambu, said: “Bessemer has significant experience working with rapidly growing SaaS technology companies and saw the potential in our technology and operating model.
“Mambu is joining an elite group of companies, in which they have invested, which gives us access to a vast knowledge base of successful global SaaS businesses. “We are delighted not only by the investment, but the network that we will be tapping into as we accelerate this exciting growth journey.”
GP Bullhound acted as the exclusive financial advisor to Mambu.
“GP Bullhound has been a great advisory partner; their experience proved invaluable in running a very smooth process helping us find just the right investor for the next chapter of growth ahead,” said Danilkis.
Julian Riedlbauer, partner at GP Bullhound and Dr. Nikolas Westphal, director, said: “It was a great pleasure to work with the Mambu team and board on this highly strategic transaction, and we believe that they have found a great sparring partner in Bessemer for their further expansion.
“This deal is another strong indicator of how much traction innovative German SaaS and fintech businesses have started to generate.”