SaaS banking platform Mambu has secured €110m ($135m) in its latest funding round, bringing the company’s valuation to over €1.7bn ($2.1bn).

TCV led the funding round, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Further investors included Tiger Global and Arena Holding, Bessemer Venture Partners, Runa Capital, and Acton Capital Partners.

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Through the new funding, Mambu aims to accelerate its growth and deepen its footprint in over 50 countries in which it already operates. The fintech also has plans to focus on markets like Brazil, Japan, and the US.

Eugene Danilkis, co-founder and CEO of Mambu, said: “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.”

Flexible technology

Since its launch in 2011, Mambu’s platform is used by traditional banks, as well as fintechs, with the likes of ABN AMRO, N26, OakNorth, Orange, and Santander among its customer base.

Danilkis added: “When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology. Nearly a decade later, this is more true now than ever, particularly given developments over the past year.

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“As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses.”

As part of its expansion plans, Mambu is also planning to double the team to over 1000 employees by 2022.

John Doran, TCV General Partner, said: “Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud. The team has built a highly composable, truly cloud-native product in a multi-billion dollar, rapidly-growing market traditionally dominated by large, slow-moving on-prem vendors.

“We have been following Mambu’s progress for many years and are truly delighted to be able to partner with Eugene and the entire Mambu team on their journey to expand their offerings to customers worldwide.”

The announcement comes after the fintech partnered with Google Cloud to expand its services globally. Through this partnership, Mambu aims to launch and extend its banking and lending operations in additional countries on the cloud-agnostic platform.