Cloud banking startup Mambu has raised EUR110 million (nearly $135 million) in a new funding round aimed at financing the company’s global expansion.
TCV led the latest round of financing, with Tiger Global and Arena Holdings contributing additional dollars. Current investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners also took part. TCV’s investments include Netflix, RELEX, Spotify and WorldRemit.
The deal raises the valuation of Mambu and its software banking platform to more than EUR1.7 billion ($2 billion), the company said in a press release.
“Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud,” said TCV General Partner John Doran, who is joining the Mambu board, in the press release.
The Berlin-based firm said it plans to use the money to speed up its expansion and “deepen its footprint” in the 50 countries where it currently operates, with a special focus on the United States, Japan and Brazil.
Mambu’s push to accelerate its expansion plans comes amid projections of double-digit growth in the banking software market, with research firm Gartner having pegged the field at more than $100 billion, the company noted.
Mambu said it is also embarking on a hiring spree, with plans to double its payroll to over 1,000 by 2022.
The company noted that its banking platform is used by traditional banks as well as FinTechs, nonprofits and other businesses, with customers including ABN AMRO, N26, OakNorth, Orange and Santander.
“When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology,” Eugene Danilkis, co-founder and CEO of Mambu, said in a press release. “Nearly a decade later, this is more true now than ever, particularly given developments over the past year.”
“This latest funding round allows us to accelerate our mission to make banking better for a billion people around the world and address one of the largest, most complex global market opportunities that’s still in the infancy of cloud,” Danilkis said.