Mambu grabs $ 266 million at $ 5.5 billion valuation to double integrated financial services and banking APIs – TechCrunch


Integrated finance – where companies tap into APIs to integrate banking and other financial tools without having to build everything themselves from scratch – has been one of the major fintech trends over the past decade. last decade. Today, one of the biggest startups creating these APIs and the backend technology behind them, announces a major fundraiser to double the opportunity.

Mambu, which has built a set of APIs to power loans, deposits, and other banking products, along with a large plethora of analytics and other tools to build financial services, has raised $ 235 million. euros, a Series E that values ​​the company at € 4.9 billion (at today’s exchange rate, that’s about $ 266 million for a valuation of $ 5.5 billion).

The funding is being led by EQT Growth, the European private equity firm, and Amsterdam / London-based Mambu is not disclosing other investors. (Its latest round, when it raised $ 135 million in January, was led by TCV, with participation from Tiger Global, Arena Holdings, Bessemer Venture Partners, Runa Capital and Acton Capital Partners. Its valuation has more than doubled. since.)

The company now has more than 200 clients who work collectively with some 53 million users in some 65 countries. They include large neobanks like N26, but also historic banks like Raiffeisen Bank, BancoEstado and ABN Amro.

More broadly, Mambu is also working with new entrants to financial services, such as telecom operators and e-commerce companies, who might not be equipped or interested in building financial services from scratch, but who may see a business or operational opportunity to provide their clients with some of these tools. more directly, and invest in creating more personalized financial services by leveraging the building blocks provided by another company (i.e. Mambu) – a model that opens the door to a much broader set of clients for Mambu down the line.

Indeed, Eugene Danilkis, co-founder and CEO of Mambu, has big ambitions for where he thinks Mambu can sit in the larger world of financial services.

“Our vision is to create in financial and banking services what Salesforce did in CRM,” he said.

On that note, Salesforce’s own ambitions are also pretty big. Yet these days, it is not a competitor but a strong partner, Danilkis said: Part of the power of Mambu is not just in the financial services APIs it provides, but in the strap that ‘It’s also built so that these services “play well” with all the rest of the IT infrastructure and applications that a business may use. Along with Salesforce, Mambu integrates with a number of other third parties like AWS, Google, Marqeta, Comply Advantage, Deloitte and many more. The number of API calls Mambu handles daily is now around 130 million.

Mambu still had a lot of money in the bank before this increase, so the plan for this final round will be to use the funds to double the expansion of its business into more markets and start thinking about other adjacent areas than the company would like to tackle then. Areas like insurance, Danilkis said, are definitely on his radar, although he declined to say when he might launch services and what those services might be. A logical area, for example, could be real estate insurance, as it already offers mortgage APIs and works with those who are already active in real estate finance.

More immediately, he still sees a lot of opportunities in the realm of simple improvement of financial services and the building blocks to create them that he already offers. In fact, it bristles a bit when you mention “integrated finance”. The company’s preferred term for what they do is “SaaS banking platform,” which he says demonstrates the more fundamental role Mambu plays in helping clients create tailor-made financial services for them. themselves.

“If we take a step back in the industry, most banks and fintechs are focusing on high volume products that need to be very digital but still need to be personalized for the individual,” he said. “It goes beyond loans and deposits. Longer term, he said, Mambu wants to help them create “more complex commercial products where you could have lower volumes but higher values ​​too.” He notes that there also remain challenges with integrations and middleware in financial services, which is another area that Mambu will provide better technology to the market. The goal, he said, is “how to better fit into the ecosystem,” which will include creating more pre-built integrations for third-party solutions. “We are investing to bring together a large part of this ecosystem,” he added. (That’s the Salesforce philosophy here.)

There may also be acquisitions, which Mambu has yet to do, having only experienced organic growth so far.

EQT was actually chatting with Mambu before the previous round but is only investing for the first time in this E series.

“We have been following Mambu’s journey and stellar execution for several years now,” said Carolina Brochado, partner on the EQT Growth advisory team. “We feel a strong connection to Mambu’s vision as an organization, given the close alignment to the values ​​of responsibility and sustainability, and believe that Mambu’s solution makes the financial system more accessible and affordable for millions. people around the world. We are delighted to partner with one of the leading FinTech companies and management teams in Europe, which offers a modern and industry-unique cloud platform to meet the huge € 100 billion market served. by traditional banking software providers and in-house solutions. She will join the board with this round.


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