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.