Germany-based cloud banking platform developer Mambu has raised €8m ($8.7m) in a series B round that included CommerzVentures, the strategic investment arm of financial services firm Commerzbank.
CommerzVentures co-led the round with growth equity fund Acton Capital Partners, while additional capital was provided by Mambu’s existing investors.
Mambu’s technology enables financial institutions to build and launch consumer and business banking services online.
The round will fund the growth of Mambu’s commercial team, as well as the enhancement of its platform and the opening of offices that will support expansion in Asia and the Americas.
Stefan Tirtey, managing director of CommerzVentures, said: “We see Mambu as the next generation of banking platforms and cloud technology with huge potential to fill a significant need in the market.
“Mambu has rapidly evolved to be an industry-leading modern, cloud based banking system that is opening up new opportunities for digital-first banking and is well positioned as a disruptive challenger to traditional and legacy banking systems.”
Mambu had previously raised $2m from Runa, Point Nine Capital and seed investor Kizoo Technology Ventures in a 2013 series A round.