SaaS banking platform Mambu has raised €110 million, bringing the company's valuation to €1.7 billion.
The round was led by TCV, and included participation from Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners.
The round follows 100% YoY growth for the firm, which counts the likes of ABN Amro, N26, OakNorth, Orange and Santander among its customer base.
Mambu says the fresh capital will be used to focus on new markets like Brazil, Japan and Mexico and to double its staff numbers to 1000.
TCV General Partner, John Doran who joins the Mambu board, says: “Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud. The team has built a highly composable, truly cloud-native product in a multi-billion dollar, rapidly-growing market traditionally dominated by large, slow-moving on-prem vendors.”
John Curtius, partner at Tiger Global, adds: “The shift to SaaS banking software has hit an inflection, and the strength of Mambu’s product offering perfectly positions the company to benefit from this strong secular trend. In speaking with many Mambu customers over the last several years, we were impressed by the consistently positive feedback from challenger and traditional banks alike.”