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German fintech startup gets 30 million euros from the Valley

The founders Pfisterer and Eugene Danilkis want to invest the more than 30 million Euros in more staff and their product, according to information from the Fintech Finance portal, which first reported on the round.

According to the report, the company has grown by more than 100 percent over the last four years. Most recently, Mambu had received eight million euros in a financing round in early 2016. According to the most recent annual financial statements in the Federal Gazette, Mambu wrote losses of around 2.1 million euros in the 2017 financial year and employed 32 people.

With their “Banking Engine” every bank can be operated like a tech company – this is the promise that the makers of Mambu give their customers. Berlin-based Fintech is developing cloud technologies for microfinance providers, lenders and established banks. Mambu has now received in a round of financing 30 million euros.

Also present: existing shareholders such as Acton Capital and Commerzventures. The round is led by US venture capitalist Bessemer Venture Partners, headquartered in Silicon Valley and one of the country’s oldest VCs, investing in such companies as Pinterest, Twitch and Periscope. The deal was supervised by the consulting GP Bullhound.

Mambu started its service in 2011. The startup initially focused on microfinance institutions in Latin America and Africa. Meanwhile, the target audience has increased. Among his clients Mambu claims to be about the listed former Kreditech competitor Ferratum. Co-founder Frederik Pfisterer described his cloud-based solution over Gründerszene three years ago as a “mix of accounting and CRM system”.

It’s the next big fintech round of financing this year. 260 million euros were in January for N26, recently also collected Raisin (World Savings) 100 million euros. After there had been fewer fintech deals in Germany in 2018 than in the previous year, the start of the year already promises that it could become more again in 2019.

Evaluation: There were fewer fintech deals in Germany in 2018. The investment volume has also fallen. In the previous year, it looked much better for financial startups. The study authors also have an explanation for this.

Published inFintechStartupsTechnology

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