IT Brief New Zealand logo
Technology news for New Zealand'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
Cybersecurity
Cybersecurity prompts upgrade for 1.3 billion electricity meters
ABI Research finds Advanced Metering Infrastructure (AMI) and cybersecurity concerns are prompting the upgrade of 1.3 billion electricity meters by 2027.
Story image
Women in Technology
Huawei webinar emphasises the importance of women in tech
Industry findings by Coursera discussed as part of a webinar jointly organised by Huawei and Reuters Events found 6% more women enrolled in tech courses this year than in 2021.
Story image
CrescoData
SPS network now available to CrescoData eCommerce customers
CrescoData, a Pitney Bowes Company and PaaS business in the commerce space, says its customers can now connect to the SPS Commerce Retail Network.
Story image
Digital Marketing
Similarweb acquires SEO and rank tracking company Rank Ranger
Digital intelligence company Similarweb, which specialises in analysing web traffic, has acquired Rank Ranger, a market leader in SEO and rank tracking.
Story image
Digital Transformation
Pluralsight and Ingram Micro Cloud team up on cloud initiative
Pluralsight has teamed with Ingram Micro Cloud to build upon cloud competence and maturity internally, and externally support partners’ capabilities.
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.
Story image
Infrastructure
Nutanix study reveals financial services sector lagging with multicloud adoption
Nutanix has released new research that reveals the financial services sector is lagging behind when it comes to multicloud adoption.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
Digital Transformation
The impact of COVID-19 on healthcare environments and care delivery
The COVID-19 pandemic has revolutionised the healthcare industry while overcoming staff shortages, social distancing requirements, and lockdowns.
Story image
Attain
Revenue operations is taking centre stage
As the business world continues to evolve, new demands need to be met to keep up with the ever-changing landscape. 
Story image
Lightspeed
Lightspeed launches all-in-one marketing platform in A/NZ
ECommerce provider, Lightspeed has launched a new all-in-one marketing solution, Lightspeed Marketing & Loyalty in Australia and New Zealand.
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
SaaS
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Softiron
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Story image
Wireless
Cradlepoint expands its Cellular Intelligence capabilities
Cradlepoint has announced additional Cellular Intelligence capabilities with its NetCloud service.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Booster
Booster Innovation Fund. A fund of Kiwi ingenuity – for Kiwi investors.
Link image
Story image
Wireless Nation
Wireless Nation, N4L provide 4G network to remote NZ schools
Wireless Nation and Network for Learning (N4L) have rolled out the Rural Connectivity Group’s (RCG) new 4G network to better connect three Chatham Islands schools.
Darktrace
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Microsoft
New Relic enters multi-year partnership with Microsoft Azure
New Relic has announced a strategic partnership with Microsoft to help enterprises accelerate cloud migration and multi-cloud initiatives. 
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Nozomi Networks
Nozomi Networks, Siemens reveal software integration
Nozomi Networks and Siemens have extended their partnership by embedding Nozomi Networks’ software into the Siemens Scalance LPE local processing engine.
Story image
Artificial Intelligence
SAS announces new products amid cloud portfolio success
Analytics and AI company SAS is deepening its broad industry portfolio with offerings that support life sciences, energy, and martech.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
Cybersecurity
NCSC advisory highlights poor security configurations
The GCSB's National Cyber Security Centre (NCSC) has released a cyber security advisory identifying commonly exploited controls and practices.
Story image
ChildFund
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Innovation
Fastly acquires Glitch, enables faster developer innovation
"This acquisition brings together two of the worlds best ecosystems for application development into a single, seamless developer experience."
Story image
Ransomware
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Cybersecurity
Comcast to use ThreatQuotient for cybersecurity operations
Comcast, the parent company of NBC Universal and SKY Group, has chosen ThreatQ Platform and ThreatQ Investigations to meet their cybersecurity needs.
Story image
Vodafone
Vodafone NZ buys remaining stake in retail joint venture
Vodafone New Zealand has purchased the remaining 50% stake in the specialist joint venture (JV) with private equity company Millennium Corp.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Sustainability
Legrand unveils Nexpand, a data center cabinet platform
Legrand has unveiled a new data center cabinet platform, Nexpand, to offer the necessary scalability and future-proof architecture for digital transformation.
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Sisense
Data and analytics could be key to higher selling prices in APAC
Sisense's latest report has found that almost half of data professionals in APAC think customised data and analytics can create better selling prices for their products.
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.