IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Mambu raises $235 million in latest funding round, sets sights on global growth

By Catherine Knowles
Thu 16 Dec 2021

Mambu, the modern SaaS banking platform, has announced it has raised $235 million in an EQT Growth-led Series E funding round, the largest financing round to date for a banking software platform. The funding brings the company’s valuation to $4.9 billion post money.

Mambu's SaaS banking platform is designed to accelerate and simplify the way financial products are built and deployed by financial institutions.

Powering both the creation of new fintechs as well as the migration of existing financial institutions onto more modern tech stacks, Mambu counts banks, lenders, fintechs and financial institutions as its customers, with more than 50 million end users leveraging Mambu's technology daily.

The banking and securities enterprise software market is more than $100 billion in size and experiencing double-digit annual growth, according to Gartner.

Demonstrating the accelerating and widespread global need for modern banking software, Mambu has delivered year-on-year growth of more than 120% in Q3 of 2021. The company has signed more than 40 customers in 2021 to date.

With 800 employees globally, the company continues to invest in its people and the community, and has a top-decile employee satisfaction score, a progressive flexible work environment with a four-day summer schedule and a bold ESG and sustainability strategy for the years ahead, the company states.

According to a statement, Mambu plans to use this latest round of funding to further accelerate innovation in its next-generation platform, with the ambition of rolling out both new functional as well as technical capabilities.

The company will also continue to expand its global footprint and customer success model to further support its international customer base, which is active across 65 countries today, with specific focus on twelve key markets.

This funding round was led by EQT Growth, the growth equity strategy of the purpose-driven global investment organisation EQT.

Mambu and EQT Growth share a commitment to responsible investing and diversity and inclusion. EQT was the first private markets firm to formalise science based targets to address climate change and one of the first companies in the world to have enshrined its Statement of Purpose to have a positive impact into its Articles of Association.

As well as supporting Mambus commitment to sustainability, D&I and financial inclusion, EQT Growth plans to work closely with the company to support its further global expansion, platform innovation, and ramp-up of key hires across the growing platform, according to a statement.

Mambu co-founder and CEO Eugene Danilkis, says, “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.

"We want to be able to empower our customers to create any financial product anywhere in the world and create amazing customer 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."

Danilkis says, "EQT is a partner who shares our views that we need to do this sustainably and fairly to all who contribute to this exciting never-ending journey and to leave a positive social impact in everything we do.”

Carolina Brochado, Partner within EQT Growth’s Advisory Team, who will be joining Mambu’s board of directors, says, “We have been following Mambu’s journey and stellar execution for several years now.

"We feel a strong connection to the vision of Mambu as an organisation, given the close alignment on values of responsibility and sustainability, and believe that Mambu’s solution is making the financial system more accessible and affordable for millions around the world.

"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 $100 billion market serviced by traditional banking software vendors and in-house solutions.”

FT Partners was the exclusive financial advisor on this transaction.

Related stories
Top stories
Story image
Recruitment
Thales on recruitment hunt for next disruptive innovations
"Recruiting new talent is part of Thales's belief in the power of innovation and technological progress to build a safer, greener and more inclusive world."
Story image
Cybersecurity
Palo Alto Networks' cloud security platform receives IRAP assessment
"We provide help protect all forms of compute, cloud native services and access to data within public and private sectors."
Story image
Apple
Jamf introduces new content filtering solution for education providers
Jamf has announced the launch of Jamf Safe Internet, a new offering that looks to deliver a safe online experience to students while offering better management options for admins.
Story image
Infrastructure
Video: 10 Minute IT Jams - An update from Paessler
Sebastian Krüger joins us today to discuss how unified infrastructure monitoring enables MSPs to seamlessly deliver services to their clients.
Story image
Online shopping
Consumers want speed, visibility in return for brand loyalty
72% of Australian shoppers want complete online order visibility and 63% are loyal to retailers who deliver goods the fastest.
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Cloud
BT builds on Equinix partnership with new cloud offering
BT has launched a next-generation cloud connectivity offering extending its global network into strategic carrier-neutral facilities (CNFs) and building on its existing partnership with Equinix.
Story image
Digital
Ivanti puts spotlight on power of employee digital experiences
The report revealed that 49% of employees are frustrated by the tech and tools their organisation provides and 64% believe this impacts morale.
Story image
Cybersecurity
Without trust, your security team is dead in the water
The rise of cyberattacks has increased the need for sound security that works across any type of business, but with any change, buy-in is essential. Airwallex explains why.
Story image
Metaverse
How the metaverse will change the future of the supply chain
The metaverse is set to significantly change the way we live and work, so what problems can it solve in supply chain management?
Story image
Digital Fingerprint
Decline in counterfeit cherries after digital fingerprinting
Reid Fruits says there’s been a dramatic decline in counterfeit products for its cherries over the past three export seasons to Asia because of digital fingerprinting.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Multi Cloud
Cloud is a tool, not a destination
For many years, “cloud” has been thought of as a destination which has led to a misguided strategy that sees an enterprise trying to shift all its applications to a single cloud provider – regardless of the specific needs and nuances of each individual workload.
Story image
Cybersecurity
Delinea’s Joseph Carson recognised with OnCon Icon Award
Delinea chief security scientist and advisory CISO Joseph Carson has been recognised as a Top 50 Information Security Professional in the 2022 OnCon Icon Awards.
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
Management
MYOB snaps up Sydney-based management software specialists
MYOB has announced the acquisition of Sydney-based business management software and support specialists, GT Business Solutions.
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Story image
Development
Intel Labs unveils integrated photonics research advancement
"This new research demonstrates that its possible to achieve well-matched output power with uniform and densely spaced wavelengths."
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why its time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Story image
Ransomware
Businesses unprepared to defend against ransomware attacks
Ransomware attacks continue to impact organisations worldwide with high costs, but businesses are still largely unprepared.
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Dicker Data
EXCLUSIVE: Why women in IT makes good business sense - Dicker Data
The Federal government wants to bolster female participation in the tech industry to at least 40% by 2030. Here's how one homegrown Australian company has already reached that goal.
Story image
SOTI
Australian consumers loyal to retailers who deliver speed and visibility
SOTI finds extensive order visibility and speed are the most important factors for turning one-off customers into loyal, long-term buyers.
Story image
Solutions
Progress launches latest version of network visibility solution
In Flowmon 12 network solution, Progress has expanded its support for public cloud provider flow log monitoring and launched new features.
Story image
Artificial Intelligence
Dynatrace extends automatic release validation capabilities
Dynatrace has extended its platform release validation capabilities to improve user experience at every stage of the software development lifecycle.
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
Voice recognition
Renesas and Cyberon expand services with voice recognition
“We are honoured to collaborate with Renesas to simplify the development of embedded voice recognition functions."
Story image
Remote Working
RDP attacks on the rise, Kaspersky experts offer advice
"Given that remote work is here to stay, we urge companies to seriously look into securing their remote and hybrid workforce to protect their data."
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
PwC
PwC's Consulting Business and PwC's Indigenous Consulting are proud to play an important role in helping Australian Indigenous Mentoring Experience build IMAGI-NATION, a free online university for marginalised communities around the world.
Link image
Story image
Artificial Intelligence
Vectra AI named as AWS security competency partner
Threat detection and response company Vectra AI has announced that it has become an Amazon Web Services Security Competency Partner.
Story image
Documentation
Adobe study finds lack of digital trust and utilisation in Australian Government agencies
New research commissioned by Adobe has revealed a significant lack of digital trust within Australian Government departments, along with the continued underutilisation of key digital processes.
Story image
Amazon
What brands can expect from Amazon Prime Day in Australia
Amazon Prime Day is the annual two-day shopping event, kicking off this year from July 12-13 and is the global online shopping platform's biggest sales event. 
PwC
WSLHD and PwC’s Consulting Business came together to solve through the challenges of COVID-19. A model of care was developed to the NSW Health Agency for Clinical Innovation guidelines with new technology platforms and an entirely new workforce.
Link image
Story image
Research
New study reveals 51% of employees using unauthorised apps
The research shows that 92% of employees and managers in large enterprises want full control over applications, but they don't have it.
Story image
Compliance
SentinelOne integrates with Torq to empower security teams
"With Torq, security teams can extend the power of SentinelOne to systems across the organisation to benefit from a proactive security posture.”