Mambu, a global provider of a SaaS banking platform, raised €110m (USD$134m) in funding.
The round, which brought the valuation to over €1.7 billion, was led by TCV, with participation from Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners. In conjunction with the funding, TCV General Partner, John Doran, joined the Mambu board.
The company intends to use the funds to continue to accelerate its growth and deepen its presence in the more than 50 countries in which it already operates and focus on markets like Brazil, Japan, and the United States.
Led by Eugene Danilkis, founder and CEO, Mambu provides a SaaS banking platform to accelerate and simplify the way financial products are built and serviced by any financial institution. The platform is used by traditional banks, fintech startups, financial institutions, nonprofits and other businesses to power their financial products and services.
The company has nearly 500 employees and serves such customers as ABN AMRO, N26, OakNorth, Orange and Santander among others.