Microlending Platform Mambu Scores Funds For Expansion

Germany-based software as a service (SaaS) banking platform provider Mambu has its eye on global expansion with the news of its latest funding round.

The company announced Monday (Jan. 11) that it raised €8 million (approximately $8.7 million) in capital through its latest funding round, led by Acton Capital Partners and CommerzVentures.

“This latest funding round is a testament to our growing client base and increasing market needs for a cloud banking platform,” Eugene Danilkis, CEO of Mambu, said in a statement. “We are building out the product and onboarding customers in multiple geographies and are excited that this new capital will allow us to deploy faster and better support our global client base as we continue to enable the next generation of banking service providers.”

The company confirmed its new funding will be used to fuel its ongoing global expansion efforts. Mambu hopes to build upon milestones it has achieved over the last 12 months, which includes bringing on 30 new customers, introducing new functionality to its SME and P2P lending offerings and increasing its portfolio, a press release explained.

Mambu said it plans to boost investment into its commercial platform as well as establish additional offices to support growth in both Asia and the Americas. The company’s cloud-based financial management tools for small businesses aims to bring new opportunities to the market for digital-first banking.

“The FinTech landscape is rapidly evolving and with investment in this space at a high the industry is seeing an increase in opportunities across all geographies and banking verticals,” Fritz Oidtmann, Managing Partner at Acton Capital Partners, explained. “We were impressed with Mambu’s position as a global FinTech platform player with great potential as the platform-of-choice for emerging FinTech companies and as an engine for innovation for the established organizations. We look forward to helping the company build on the momentum it has already achieved and continue to establish themselves as the cloud engine of the FinTech revolution.”