CommerzVentures, the corporate venture capital arm of financial services firm Commerzbank, took part in a €30m ($33.8m) funding round for Germany-based banking technology developer Mambu on Monday.
Bessemer Venture Partners led a round that included participation from fellow venture capital firms Point Nine Capital and Runa Capital and growth equity fund Acton Capital Partners.
Mambu provides cloud-based technology that enables financial institutions to reduce the process of creating, building and launching online products from months to days.
Proceeds from the round will be used to expand the company’s commercial team and strengthen its product, platform and services.
CommerzVentures and Acton co-led the company’s $8.7m series B round in January 2016, participating alongside Mambu’s existing investors. It had previously received $2m in series A funding Mambu from Runa Capital, Point Nine Capital and existing backer Kizoo Technology Ventures in 2013.
Eugene Danilkis, chief executive of Mambu, said: “The fintech era has changed financial services forcing institutions to digitise, innovate and scale to adapt to customer needs.
“In a shifting technology landscape they have to move at the pace of a technology company rather than a traditional bank. We provide the engine which allows them to be agile to respond to market changes and realise business value quickly.”