Cloud banking platform Mambu has raised a $266 million Series E round, valuing the company at $5.5 billion, according to an announcement.
The company is part of a group of banking-as-a-service platforms that aim to bring cloud computing to the financial world. Mambu’s latest raise was led by EQT Growth and the company claims it as the largest round to date for a banking software service.
Although already established across multiple continents, Mambu will use the funding to deepen its global presence, build new partnerships and invest in new product lines.
“This latest round of funding will allow us to accelerate our plans in expanding our mission-critical banking platform to further enable composable business models which are agile and continuously evolving,” said Eugene Danilkis, Mambu’s co-founder and CEO.
The investment is the latest in a flurry of deals for banking technology providers, which is seen as a key growth area with banks and even fintechs migrating onto modern, cloud-based infrastructure. Last month, the UK’s Thought Machine raised $200 million in a round led by Nyca Partners.