BANKING PLATFORM MAMBU RAISES €235 MILLION TO ACCELERATE INVESTMENTS IN INNOVATION

Banking technology platform Mambu, which has a growing presence in Vietnam, has announced a €235 million ($265.9 million) Series E round, which was the largest private financing round for a banking software platform and made it one of the highest-valued B2B software as a service companies founded in Europe.

Myles Bertrand, managing director Asia-Pacific at Mambu, said “This news is tremendously exciting for our Asia-Pacific operations where we have experienced enormous growth since launching in 2017. Mambu Asia-Pacific is tracking to reach 200 per cent on-year growth for 2021, and we are looking to repeat that in 2022 while strengthening our in-country presence in Southeast Asia – particularly Singapore, Vietnam, Thailand, Malaysia, Indonesia, and the Philippines – and sourcing high-level tech talent from right across the region."

He added, “We are also excited about the new innovations and products that this funding will enable our team to roll out on the Mambu platform, especially products that serve a particular customer segment such as our Shariah-compliant banking platform for Islamic banks, or those that help close the gaps between the banked, the unbanked, and the underserved. We will leverage the funding to accelerate our growth and continue to generate positive change across the region.”

“Awareness of Mambu has grown significantly in Vietnam this year, and we will continue to share how Mambu can help Vietnamese banks, financial institutions, and organisations of all kinds to develop digital financial solutions for their customers. We are already working with dynamic and innovative Vietnamese banks like TNEX, Timo, and Cake, and we are excited about helping more banks in the region to transform digitally into the future. We will also be looking to expand our team here in Vietnam, with more talented tech, business development, and customer experience team members,” he added.

With 800 employees globally, Mambu 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 environmental, social, and governance (ESG) and sustainability strategy for the years ahead.

Mambu will use its fresh 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 already-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.

Source: VIR