Mambu plans to use the funding to drive platform development and global expansion. Here are the top-line bullets you need to know.
Mambu, a B2B banking platform, has raised $266M in a Series E round that drew participation from EQT Partners and some undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- Netherlands-based Mambu offers APIs and analytics to support the development of banking, lending, and deposit products.
- The company caters to 200+ global customers and 53M end-users across 65 countries. It caters to financial institutions, banks, fintechs, and lenders, such as Lumi, IRIS, BancoEstado, Raiffeisen Bank, N26, and ABN Amro. It has signed more than 40 new customers in 2021 — 55% are located outside of Europe.
- In Q3’21, the company registered 120%+ year-over-year growth.
- It has also established partnerships with major fintech companies, such as Google Cloud, Capgemini, Deloitte, nCino, and PwC.
- Mambu employs 800 people across its offices located in Amsterdam, Abu Dhabi, Berlin, Dresden, Iași, London, Vilnius, Miami, Sydney, and Singapore.
WHY DOES THE MARKET MATTER?
- The global open banking market is expected to reach a value of $43.2B by 2026, growing at a CAGR of 24.4%, according to Allied Market Research.
- The increasing adoption of online banking applications, particularly amid the pandemic, has contributed to market growth.
- Given that software developers are in short supply, businesses are turning to pre-built open banking tools for application development.