Mambu raises $135 million led by TCV

Mambu, a financial technology company, has raised 110 million euro ($135 million) — led by TCV, an investor in Facebook and Netflix, with additional investment coming from Tiger Global and Arena Holdings.
Mambu team membersMambu, headquartered in Berlin, sells software to banks to help them develop their own digital banking platforms. The company’s clients include Santander and ABN Amro, as well as fintech firms N26 and OakNorth, CNBC reported.

The report said Mambu competes with Britain’s Thought Machine, which was founded by ex-Google engineer Paul Taylor, and 10x Future Technologies, the fintech venture of former Barclays CEO Antony Jenkins, among others.

Mambu plans to use the fresh cash to fuel growth — the firm claims its sales doubled last year — and expand its geographic footprint, with a focus on countries like Brazil, Japan and the U.S. The company said it will also double its headcount to 1,000 from the nearly 500 staff it currently employs.