German banking software firm launches in Sydney

Mambu has opened its first office in Australia in Sydney CBD with Myles Bertrand, managing director for the Asia-Pacific region, at the helm.

The opening follows the closure of a €30 million (A$47 million) funding round led by San Francisco-based venture capital firm, Bessemer Venture Partners. Action Capital, CommerzVentures, Point Nine Capital and Runa Capital also contributed to the funding round.

The Berlin-headquartered fintech, which launched in May 2011, said the new capital would help “accelerate [its] momentum” after experiencing “triple-digit growth for four consecutive years”.

Mambu plans to use funds to expand its commercial teams and invest more in its products and services, with a goal of tripling its headcount and increasing its revenue six-fold in the coming years.

The fintech – which provides a cloud-native, ‘software as a service’-based, and API-driven banking platform – has more than 200 clients in 55 countries, including challengers such as OakNorth Bank in the UK, New10 in the Netherlands, N26 in Germany, Ferratum in Finland, Space Bank in Georgia, and Wenance in Argentina, among others.

It also claims to have a $7 billion portfolio under management.

Mambu is optimistic about hitting its growth goals, with chief executive Eugene Danilkis saying that “the fintech era has changed financial services, forcing institutions to digitise, innovate and scale to adapt to customer needs.”

“As a direct result, we have experienced significant growth as these institutions change strategic direction and face new tech-enabled players entering the financial services market,” he said.

“We provide the engine which allows them to be agile to respond to market changes and realise business value quickly.”  

[Related: Neobank raises $2.6m in crowdfunding campaign]

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