EQT Growth’s Lead Investment in Mambu, the leading disruptor in Core Banking Software

We are thrilled to announce our lead investment in Mambu’s Series E today. There is an irreversible and growing trend pushing financial institutions to upgrade and sophisticate their ability to serve customers digitally, and Mambu is at the forefront of enabling this evolution through its software.

Powering core banking transactions — like deposits, investments and lending — can be cumbersome, complex and may require more developers, coding in (almost) extinct programming languages, than a financial institution is able to economically maintain. Most banks are sitting with a spaghetti of legacy systems that have been stitched together over time and create a costly and inefficient back-end capability. At the same time, customers not only require innovation, but benefit from its interface, analytics and increased security. Mambu provides fast-to-implement and easy-to-manage, flexible and modern software, which allows its customers to delight their 50 million plus end customers.

At EQT Growth we are very bullish about Banking Software, a EUR100Bn total addressable market where the (3rd party) cloud-based sub-segment is the fastest growing, expected to increase by 20%+ per annum over the coming years. Within this massive market, we had long-identified Mambu as the leading disruptive player, catering to a large and global market segment, from fintechs to traditional financial institutions. Serving hundreds of customers in 65 markets, Mambu is enabling innovation in retail banking at scale.

We have enjoyed getting to know Eugene and the team at Mambu, and are proud to partner with them for the next phase of their journey as they continue to drive innovation through product investment and expansion of their commercial footprint. We have been impressed by how Mambu continues to invest in people and culture as a key lever for its success, and love that yet another global champion comes out of Europe. Born in Germany and now HQ’d in Amsterdam, an exciting breeding ground for innovation and scaling expertise, Mambu truly represents the best of European technology. If you want to change the financial services world, Mambu is hiring!

Last, but not least, we are incredibly aligned on our joint mission to promote sustainability and drive diversity and inclusion in the financial services and tech fields, which remain behind where they should be. EQT is committed to supporting Mambu drive these initiatives forward. We cannot wait to see the incredible heights Mambu will continue to reach in the decades to come!