5 interesting things about Mambo everyone should know

#Growups to watch

Hot mambo, really hot! Investors such as EQT, TCV, Bessemer Venture Partners, Tiger Global, Acton Capital and Point Nine Capital have invested around €385 million in Unicorn from Berlin, founded in 2011, in recent years.

rhinoceros in berlin mambo It is one of the most important German startups of all time. Swedish private equity investor EQT and legacy investors such as TCV and Bessemer Venture Partners recently invested €235 million in Mambo, which provides banks with the technology to “develop modern banking products on a world-class level”. The valuation rose from 1.7 billion euros to 4.9 billion euros. Here are 5 interesting facts about fintech.

the origin

Founded in 2011 by Frederic Westerer and Eugene Danielkis, Mambo initially focused on microfinance institutions in Latin America and Africa. It all started with a thesis from three master’s students at Carnegie Mellon University in Pittsburgh. My co-founders and I were working on a project related to technological possibilities in emerging markets when we quickly realized we were on our way to something: the operating systems used by these financial institutions proved either outdated or too complex in terms of low cost, digital financial products needed to attract 3 billion Person to the formal banking sector. In May 2011, we founded Mambu with the goal of transforming the way financial services work the way Salesforce used CRM a decade ago: to provide a software-as-a-service platform for financial innovation. Our original vision was to “empower individuals and startups to seize economic opportunities through access to financial services – anywhere in the world,” said Danielkis in a recent interview with deutsche-startups.de.

the current situation

Mambo is currently positioning itself as a “SaaS banking platform”. As of January 2021, FinTech had 160 clients in more than 50 countries. Recently, the company has been active in 65 countries. “By promoting both the creation of new financial technologies as well as the migration of existing financial institutions to more modern technology clusters, Mambu considers banks, lenders, financial firms and financial institutions as its customers, with more than 50 million end users benefiting from Mambu technology every day,” the company announced in last investment round

Investors

Swedish private equity investor EQT and long-standing investors such as TCV and Bessemer Venture Partners invested a whopping €235 million in Mambo in December 2021. The valuation rose from €1.7 billion to €4.9 billion. TCV previously – in January 2021 – together with Tiger Global and Arena Holdings as well as existing investors injected €110 million into Mambo. American investor Bessemer Venture Partners, Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital have invested 30 million euros in the SaaS banking platform. Very early – in 2011 – Kizoo joined Mambu. About 385 million euros have flowed into Mambo in recent years.

classification

Mambo’s valuation rose to 4.9 billion euros at the end of 2021. In January 2021, the company became a 1.7 billion euros unicorn. It is said that the valuation in the investment round of 30 million in 2019 was about 180 million.

Pay

Mambo’s last annual financial data dates back to 2019. Mambo’s annual deficit at that time was around €10.7 million. Last year it was just under 5 million. In 2017, there were only 2.4 million. In total, the construction of the Mambo by the end of 2019 already cost 22.2 million. The average number of employees (excluding directors) at Mambo in 2019 was only 34, of which 31 were full-time and 3 were part-time. Fintech now employs 800 employees.

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Photo (above): Mambo

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