German banking technology firm Mambu has raised €30m in its latest funding round to support its growth.
The latest funding round was led by US-based Bessemer Venture Partners. The fintech’s existing investors Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital also participated in the funding round.
Mambu fundraising: Future plans
Mambu said that plans to use the money to step up investment in both the commercial teams as well as the product, platform and services.
Furthermore, the fintech firm aims to increase its headcount three times and revenue by six-folds in the near future.
Mambu CEO Eugene Danilkis said: “This latest funding round is a testament to our growing client base and industry-leading platform.
“We have clients in more than fifty countries on all continents, many of them industry leaders who understand the market dynamics and how we support their growth strategy and technological evolution.”
Launched in 2011, Mambu is said to have registered triple-digit growth for four successive years as increasing number of challenger and top-tier banks signed to implement its platform.
As of October 2018, the company served nine million customers across 55 countries with around 6,000 active products.
Bessemer Venture Partners partner Brian Feinstein said: “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.”