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Germany has one more unicorn on its list: In its current round, the Berlin start-up Mambu was valued at 1.7 billion euros.
Mambu, which is developing a Saas solution for banks, is likely to be the second most expensive German fintech behind N26.
The smartphone bank was last valued at 3.1 billion euros.
Mambu sells banking software to microfinance providers, and the product can be seen as a kind of shop system for banks.
In order to further advance the solution, international donors have now invested 110 million euros in fintech.
In addition to well-known former shareholders such as Bessemer Venture Partners and the Munich Etsy investor Acton Capital, the money came primarily from the Netflix financier TCV from Silicon Valley and Tiger Global.
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Mambu last received money at the beginning of 2019, at that time still 30 million euros.
According to the fintech magazine “FinanzSzene.de”, the shareholders valued the Berlin fintech at around 150 million euros.
So Mambu would have taken a big step within those two years.
Mambu: From 34 employees to 500 in just over a year
The latest figures, which can be found for the almost ten-year-old company, are from 2019. According to the Federal Gazette, the Berliners made a loss of 10.7 million euros in that year, more than twice as much as in 2018 Sales were, however, not published.
However, one key figure shows the immense growth: At the end of 2019, the founding trio Frederik Pfisterer, Eugene Danilkis and Sofia Nunes still employed over 30 people.
According to a press release, there are now almost 500. In the next year there should be more than 1000 people.
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CEO Danilkis wants to use the 110 million euros not only to expand the product and his team, but also to finance takeovers.
“The investment enables us to look at complementary technologies and companies from an M&A perspective,” he is quoted as saying.
That should accelerate the growth of Mambu again.
And maybe fintech will pass N26 at some point.