Berlin’s Mambu raised the funding in a round led by Bessemer Venture Partners. Mambu will use the funding for commercial growth and to boost its product and sales teams. The company will also use the funds to reach its six-fold revenue target and goal of increasing its employees by three-fold in the coming years.
Mambu launched in 2011, and has grown rapidly in the intervening years.
Mambu CEO, Eugene Danilkis, situates his company as follows:
“In a shifting technology landscape [financial institutions] have to move at the pace of a technology company rather than a traditional bank. As a direct result, we have experienced significant growth as these institutions change strategic direction and face new tech-enabled players entering the financial services market.”Eugene Danilkis
Brian Feinstein, partner at Bessemer Venture Partners, gave the following rationale for backing the fintech:
“We are impressed by their team, technology, rapid growth and the massive opportunity ahead as financial services becomes fundamentally tech-driven, cloud-first and API-enabled. Mambu has accomplished so much with a relatively small team and we are excited to be coming in to support them in their growth, at what we believe is a tipping point in the industry.”