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Fintech Mambu banks on faster growth with $100m fundraising

Written by on 24/11/2020

A fintech platform which powers the digital banks of Santander, Oaknorth and N26 is targeting a major capital injection in a bid to spur its growth rate.

Sky News understands that Mambu is in talks to raise more than $100m as the coronavirus pandemic accelerates the take-up of online banking services across Europe.

Mambu is working with the advisory firm FT Partners on the fundraising, according to a number of investors who have been approached about participating in the fundraising.

Antony Jenkins
Image: Mambu competes in the UK with 10x, the business founded by former Barclays boss Antony Jenkins

Sources said the fundraising would be among the largest by a European banking software-as-a-service provider to date, underlining the sector’s rapid growth.

In the UK, Mambu competes with 10x Future Technologies, the business founded by Antony Jenkins, former chief executive of Barclays.

10x is working with JP Morgan on the US banking behemoth’s plans to launch a digital consumer bank in the UK, revealed by Sky News earlier this year.

Based in Berlin, Mambu was founded by Eugene Danilkis.

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It now works with 180 clients serving more than 20 million of their own customers, according to the company’s website.

In 2019, it raised €30m from investors including Bessemer Venture Partners.

Santander is fined by the FCA after failing to transfer money to dead customer beneficiaries.
Image: Mambu powers the digital platforms of banks including Santander

Mambu failed to respond to a request for comment about its latest capital-raise.

 Sky News

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