Berlin startup Mambu announced on January 7 that it has been valued at EUR 1.7 billion, making it Germany’s newest unicorn. The announcement came after the fledgling fintech raised EUR 110 million in its latest round of funding, which was led by Silicon Valley investment firm TCV.
Mambu was founded in 2011 by German Frederick Pfisterer and Canadian Eugene Danilkis, who met at Carnegie Mellon University in Pittsburgh in the US. The company initially specialized in software solutions for microfinancing targeted specifically at mobile banks, but it had since expanded its range of services.
Its clients included German neo-banks N26 and Check24 as well as traditional European financial institutions like Holland’s ABN Amro, Spain’s Santander and Finland’s Ferratum. The company hopes to use the fresh capital to continue its 100 percent annual growth and double its current workforce of 500 employees.