With its raise of €110 million ($134.66 million) in new capital, cloud banking services provider Mambu is looking to build on its growth in the region.
Mambu's latest fundraising round was led by TCV and joined by Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners, and brings the company’s valuation to over €1.7 billion, the company announced on Friday.
With the new capital, the company is looking forward to building its presence in key markets including Japan, Singapore, Vietnam, Thailand, Indonesia, ANZ and Malaysia, and welcoming new customers across the region, Mambu said in a statement on Friday.
«Phenomenal Growth»
«Digital banking has experienced phenomenal growth over the past 12 months due in no small part to the COVID pandemic, and this funding boost means that we are in a fantastic position to be able to scale rapidly and respond to changing market conditions across the Asia Pacific region,» Myles Bertrand, Mambu APAC managing director, said.
The company, whose customers include ABN AMRO, N26, OakNorth, Orange and Santander, experienced approximately 100 percent year-on-year growth over the past year as digital banking picked up pace amid the global pandemic.
Founded in 2011, Mambu's Asia Pacific headquarters are located in Singapore.
