SaaS banking platform Mambu became the latest addition to an ever growing list of massive fundraises this year, after it raised €236 million in its Series E funding round.

The largest financing round for a banking software platform to date, it was led by private equity company EQT Growth, valuing Mambu at €4.9 billion. This made the platform one of the highest-valued B2B SaaS companies founded in Europe.

According to the company, the proceeds from the funding round would be utilized to accelerate innovation in its platform and aim to roll out both new functional and technical capabilities. It also plans to deepen its footprint in the international arena to further support its international customer base. It is currently present in 65 countries and claims to have over 200 customers that collectively work with nearly 53 million users. Post this round, Mambu is now one of Europe’s highest-valued B2B SaaS companies, with claims of a 120% Q-o-Q revenue growth in Q3 2021.

The company is present across a range of domains from personal lending, business lending, mortgages, trade finance, digital wallets, current accounts, and more. It caters to the needs of both fintech startups and traditional financial companies, and claims to accelerate and simplify the way “financial products are built and deployed by financial institutions.”

It has had a rather successful year, clocking a year-on-year growth of over 120% in Q3 2021. Today, over 55% of its new customers are from outside of Europe, and its customers include names such as N26, Raiffeisen Bank, BancoEstado, and ABN AMRO. 40% of new banks in the UK today run on Mambu’s platform.

“Our vision in creating Mambu was always to create an industry-leading platform that will enable more than a billion people to have brilliant banking experiences. 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, co-founder and CEO of Mambu.

Fundraise for Mambu couldn’t have come at a better time. COVID-19 has pushed the banking sector to digitise at an unprecedented rate, most of which has been done via large fintechs in the space. As a result, companies such as Mambu, with a solid SaaS banking offering that is built better and much more flexible to modifications compared to traditional IT solutions, have thrived.