New unicorn for Germany: Mambu is valued at 1.7 billion euros

With the current financing round of 110 million euros, Mambu has become a German unicorn: the FinTech's valuation now stands at 1.7 billion euros. The round was led by tech investor TCV from Silicon Valley.

The startup Mambu began with a term paper and the realization by three students that the operating systems of financial institutions were outdated. Ten years later, the observation has become a start-up that is valued at 1.7 billion euros. It has thus joined the elite club of unicorns, alongside start-ups such as N26 and Deposit Solutions.

The Berlin-based company raised 110 million euros in a new financing round. The second highest round in the last twelve months, estimates Peter Barkow, head of the analysis company Barkow Consulting.

The main investor in the round is TCV, whose portfolio also includes companies such as Netflix, Klarna and Airbnb. Tiger Global, Arena Holding, FT Partners and existing investors such as Bessemer Venture Partners, Acton Capital and Runa Capital are also involved. Mambu co-founder Eugene Danilkis says: "This latest funding round enables us to advance our mission to improve banking for one billion people around the world and capitalize on one of the largest and most complex global market opportunities that is still in its infancy in the cloud."

The money will be used to finance acquisitions, among other things. In addition, the number of employees is to be doubled to over 1,000 by 2022. The FinTech has 160 customers in over 50 countries, including companies such as N26, Santander and OakNorth. Mambu sells banking software designed to make it easier for companies to offer their financial products and bring them to customers quickly and securely.