Mambu, a Germany-based SaaS banking platform secured $8.7m in Series B financing. The Mambu platform enables banks to rapidly create, launch and service loan and deposit products. The round was 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.