CMU Portugal startup :: Mambu Mambu raises €8 Million in Funding to Accelerate Global Expansion
Mambu is a startup in the field of microfinance that was born in 2009 as the result of an idea from a master project carried out in the scope of the Carnegie Mellon Portugal Program, funded by Fundação para a Ciência e a Tecnologia. This SaaS banking platform provider recently announced its latest funding round of €8 Million, which was l ed by Acton Capital Partners and CommerzVentures with the participation from existing investors.
This latest funding will be used to continue building on Mambu’s global momentum and successes, with the company achieving over three times year-over-year growth and recording several significant milestones over the last 12 months. This includes over 30 new customers, a quadrupling of portfolio under management and an array of 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. “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.”
As part of its global growth, Mambu plans to substantially expand its commercial team, increase investment into the platform and open further offices to support its growth in Asia and the Americas. The company is at the forefront of digital banking with an innovative offering that provides the complete core banking software and infrastructure needed to bring its digital-first banking business model to market.
“The FinTech landscape is rapidly evolving and with investment in this space at a high the industry is seeing an increase in opportunities across all geographies and banking verticals,” said Fritz Oidtmann, Managing Partner at Acton Capital Partners. “We were impressed with Mambu’s position as a global FinTech platform player with great potential as the platform-of-choice for emerging FinTech companies and as an engine for innovation for the established organizations. We look forward to helping the company build on the momentum it has already achieved and continue to establish themselves as the cloud engine of the FinTech revolution.”
“We see Mambu as the next generation of banking platforms and cloud technology with huge potential to fill a significant need in the market,” said 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.”
Source: Mambu Press Release
Related article: Mambu Startup Obtains Funds to Expand its Microfinance Service