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Berlin-based fintech startup Mambu has raised a funding of €30 million in its latest funding round led by US-based Bessemer Venture Partners, which is known to be one of the world’s most experienced and successful SaaS-centered venture capital firms.
Bessemer Venture Partners is also known to have backed companies such as Skype, Linkedin and Pinterest. The funding round also involved existing investors such as Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital. With this funding, Mambu has raised a total of €42 M in funding over 5 rounds.
Know everything about Mambu
Founded in 2011 by Eugene Danilkis, Frederik Pfisterer, and Sofia Nunes, Mambu is a SaaS banking platform which powers digital financial services, providing flexible, off-beat banking designs which enable its clients to operate like tech companies rather than traditional banks.
The banking startup has witnessed a significant growth for four years in a row as a large number of established banks are signing up to establish this platform.
The SaaS startup has generated a huge clientele hailing from more than 50 countries. Some of its clients involve companies such as N26, OakNorth and Kreditch.
Where will the funds get utilized?
The new funding will help the banking startup in scaling up commercially by investing in its product, platform and services, thus ensuring that the startup achieves its projected 300% growth in the number of employees and 600% in revenues in the coming times across its offices in London, the United States, Europe, Singapore and Australia. The funding will also be used to invest in its sales and product teams.
Why this startup?
Regarding the need of this startup, Eugene Danilkis, chief executive officer of Manbu stated, “The fintech era has changed financial services, forcing institutions to digitalize, innovate and scale to adapt to customer needs”. He further added, “In a shifting technology landscape they have to move at the pace of a technology company rather than a traditional bank”.
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