Commerzbank's venture capital fund has joined a EUR8 million funding round for SaaS banking platform provider Mambu.
CommerzVentures was joined by Acton Capital Partners and existing investors in the round, which Mambu says will be used for an aggressive global expansion.
Founded in 2011, the vendor offers smaller banking providers with a cloud-based alternative to legacy core systems, promising quicker, simpler and cheaper deployment.
So far the Berlin headquartered startup has seen its technology deployed in 33 countries, reaching into Asia, Africa, South America and Europe, including a recent deal with UK challenger OakNorth.
It now plans to use the new funds to expand its commercial team, increase investment into the platform and open offices to support growth in Asia and the Americas.
Eugene Danilkis, CEO, Mambu, says: "We are building out the product and onboarding customers in multiple geographies and are excited that this new capital will allow us to deploy faster and better support our global client base as we continue to enable the next generation of banking service providers."
Stefan Tirtey, MD, CommerzVentures, adds: "We see Mambu as the next generation of banking platforms and cloud technology with huge potential to fill a significant need in the market."