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Mambu raises $122M at a $2B+ valuation for a SaaS platform that powers banking services

Challenger banks, incumbent banks, and all of the many businesses that are making inroads into any kind of banking service all have something in common: when it comes to launching a new product like a credit line or a deposit or current account, these days many of them are opting not to build from the ground up, but are instead using third-party technology to power these services. Today, one of the big players in providing that tech is announcing a large round of funding to expand its business, underscoring the growth in this market.
Mambu, a Berlin-based startup that describes itself as an SaaS banking platform — providing, by way of APIs, technology to banks and others to power lending, deposit and other banking products — has closed a round of €100 million (about $122 million at today’s rates). The funding gives Mambu a post-money valuation of €1.7 billion (just over $2 billion at today’s rates), the company has confirmed.
CEO and co-founder Eugene Danilkis said it will be using the money to expand deeper in the 50 markets where it is already active, as well as focus more on specific regions like South America and Asia. (And for those keeping tabs on the “Is the Bay Area dead?” story, it’s one of the many tech companies with its US offices established in Miami.)
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