Mambu, the Germany-based banking software provider backed by financial services firm Commerzbank, has received €110m ($135m) in a funding round led by growth equity firm TCV.
Hedge fund manager Tiger Global Management, investment firm Arena Holdings and venture capital firms Bessemer Venture Partners, Runa Capital and Acton Capital Partners also participated in the round, which valued the company at $2.08bn.
Founded in 2011, Mambu provides software that powers financial products for banks and other financial services providers, non-profit organisations and other companies. The cash will support global growth, with markets including Brazil, Japan and the US mentioned as priorities.
Eugene Danilkis, Mambu’s co-founder and chief executive, 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 is still in the infancy of cloud.”
John Doran, general partner at TCV, is joining the company’s board of directors in connection with the round, which increased its overall funding to more than $179m.
Runa Capital, Point Nine Capital and existing investor Kizoo Technology Ventures provided $2m for Mambu in 2013 and returned for an $8.7m series B round co-led by Commerzbank subsidiary CommerzVentures and Acton Capital Partners three years later.
Bessemer Venture Partners led a $33.8m round for Mambu in early 2019, investing with CommerzVentures, Point Nine Capital, Acton Capital Partner and Runa Capital.
