TCV leads €110m round for Mambu

Harriet Matthews
08 January 2021

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TCV has led a €110m series-D funding round for Germany-based banking platform Mambu.

Also participating in the round were Tiger Global, Arena Holdings, Bessemer Venture Partners, Runa Capital and Acton Capital Partners

The funding round values the company at more than €1.7bn, according to a statement.

Mambu intends to use the fresh capital to support its growth and will also focus on expanding into new geographies, including Brazil, Japan and the US. The company aims to double its team to employ more than 1,000 people by 2021.

TCV general partner John Doran is also to join Mambu's board.

TCV is currently on the road for TCV XI, which was launched in June 2020, according to Unquote Data. The fund is targeting $3.25bn and will deploy equity tickets of $50-250m, generally targeting companies with enterprise values of $250m-1bn. The fund is expected to invest in 20-25 companies in total. The vehicle's predecessor, TCV X, held a final close in January 2019 on $3bn in January 2019.

Previous funding
Kizoo Technology Ventures backed a seed round for Mambu in January 2011.

Mambu raised a $2m funding round in February 2013, backed by Kizoo and new investors Runa and Point Nine Capital.

Kizoo, Point Nine and Runa invested €1.2m in Mambu in September 2014.

Acton and CommerzVentures joined the company's investor base in January 2016, backing a €8m financing round, alongside Mambu's existing investors.

In February 2019, Bessemer led a €30m round for Mambu, with participation from Acton, CommerzVentures, Point Nine and Runa.

Company
Mambu is a digital banking platform used by organisations including banks and other financial institutions, as well as technology firms and non-profit businesses. Its clients include banking startup N26, as well as Santander and Orange, according to a statement. Founded in 2011, the company employs around 500 people and is based in Berlin.

People
Mambu – Eugene Danilkis (CEO).
TCV – John Doran (general partner).
Tiger Global – John Curtius (partner).
Bessemer Venture Partners – Brian Feinstein (partner).
Acton Capital Partners – Fritz Oidtmann (managing partner).
CommerzVentures – Stefan Tirtey (managing director).