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We got an exclusive look at the pitch deck banking startup Mambu used to raise $135 million at a $2.1 billion valuation
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- Berlin-based banking software startup Mambu has raised €110 million ($135 million) for expansion.
- Financial institutions’ spend on enterprise software like cloud and software subscriptions is predicted to top $110 billion in 2021.
- “Last year was strong for us commercially and major trends in fintech like the cloud are going in the right direction,” Mambu CEO Eugene Danilkis told Business Insider in an interview.
- Visit Business Insider’s homepage for more stories.
Fintech funding is continuing its 2020 tear with a major round to kick off 2021.
Berlin-based banking software startup Mambu has raised €110 million ($135 million) to continue its expansion into new markets.
The fintech offers a cloud banking platform, and counts ABN AMRO, N26, OakNorth, Orange and Santander among its clients. It claims to have grown 100% during 2020. Financial institutions likely to spend more than $110 billion on enterprise software in 2021 with double digit growth in the space likely, according to research by Gartner.
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“Last year was strong for us commercially and major trends in fintech like the cloud are going in the right direction,” Eugene Danilkis, Mambu’s CEO, told Business Insider in an interview. “It was a very competitive round and it gives us the opportunity to continue expanding this year.”
The funding, which closed in late December, was led by TCV with additional investment coming from Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners. Mambu’s new round brings the company’s valuation to over €1.7 billion ($2.1 billion).
Mambu grew its headcount to more than 500 employees in 2020 and expects to have around 1,000 staff by 2022, according to Danilkis. Funding will also go towards expanding the startup’s presence in major new markets like the US, Japan, and Brazil while also extending its footprint in key existing markets.
“New digital banks using cloud as an operating model from day one but for traditional banks it’s day zero when it comes to using cloud and SaaS [software as a service],” Danilkis added. “This is a long play for traditional financial institutions which will be a multi-billion dollar transformative journey that will take up much of this decade.”
Check out Mambu’s pitch deck below:
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