Mambu, a core banking software, has recently raised €235 million funding in its Series E round, reaching a valuation of €4.9 billion (around $266 million at a $5.5 billion valuation) led by EQT growth, a European private equity firm. This investment has come after the SaaS banking platform raised €110 million (around $135 million) in its last funding round earlier in January.

As the financial service industry grows by leaps and bounds, 2021 marked a record-breaking year of financial investments with efforts to nurture fintech, financial products, and make consumers digital ready. The global fintech market recorded an investment of $98 billion in H1, 2021 with a volume of 2,456 fintech deals, according to the consulting arm of KPMG.

Source: KPMG

Mambu enabling banking as a service (BaaS)

There is an increasing need for modern banking software as customers demand frictionless digital banking experiences such as digital payments and lending, insurance, wealth management, etc. Fintech companies operating as BaaS have seen the opportunity to develop and offer APIs to integrate banking and other financial technologies. This helps to optimize their end-to-end process ensuring complete management and deployment of modern APIs.

Founded in 2011, Mambu started out by servicing microfinance institutions and fintech startups but has since expanded to develop APIs to support lending, deposits, and various backend technologies that power banks, lenders, fintech, and financial institutions. Mambu has also ventured into providing modern banking support to telcos and e-commerce companies that may not be equipped with the necessary financial capabilities.

Eugene Danilkis, Mambu’s CEO says,