Banking technology platform Mambu has garnered €235m in a Series A funding round led by EQT Growth.

The funding valued the software-as-a-service (SaaS) platform at €4.9bn, which is one of the highest in Europe.

Mambu will use the funding to accelerate the development of its new platform to offer new functional and technical capabilities.

The proceeds will also be used by Mambu to expand its global footprint and customer success model to support its international customer base.

EQT Growth advisory team partner Carolina Brochado said: “We are excited to partner with one of the leading fintech companies and management teams in Europe, which offers an industry-unique and leading modern cloud platform to address the massive €100bn market serviced by traditional banking software vendors and in-house solutions.”

Mambu’s SaaS offering is aimed at both allowing its clients to digitize their operations and creation of new fintechs.

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It counts banks, lenders, fintechs, and financial institutions as its customers including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, BancoEstado, League Data and Orange Bank.

Mambu co-founder and CEO Eugene Danilkis said: “Our vision in creating Mambu was always to create an industry-leading platform that will enable more than a billion people to have brilliant banking experiences.

“This latest round of funding will allow us to accelerate our plans in expanding our mission-critical banking platform to further enable composable business models which are agile and continuously evolving.”

In January this year, Mambu raised €110m at a valuation of €1.7bn with TCV leading the round.