Mambu eyes New York listing in two years, exec says

Mambu, a Berlin, Germany-based software-as-a-service (SaaS) banking platform, plans to launch an initial public offering (IPO) in 18-24 months, Americas Managing Director Edgardo Torres-Caballero said.

The private equity-backed company aims to list its shares on a New York stock exchange, Torres-Caballero said on the sidelines of Finance Disrupted LATAM 2020, held last week in Mexico City.

The executive declined to share the specific milestones the company is targeting before launching its IPO but said Mambu aims to quadruple its revenues over the next two years, The company does not disclose its financial information.

Mambu, which expects to double its workforce this year to around 560 employees, has raised around USD 50m in three funding rounds, said Torres-Caballero. In February 2019, it raised EUR 30m in a Series C round led by San Francisco-based PE firm Bessemer Venture Partners, as reported.

Its capital table also includes Munich-based Acton Capital Partners, Palo Alto, California-based Runa Capital, Berlin-based Point Nine Capital, and CommerzVentures, the corporate venture capital arm of German lender Commerzbank, as reported.

Mambu is open to M&A opportunities but has yet to find a target “as disruptive or as innovative” as itself, said the executive. “(M&A) could be a conversation to have on a mid-term basis,” Torres-Caballero noted without offering further details.

Launched in 2011, Mambu helps financial institutions launch new technology-based products quickly and efficiently via a cloud-based software platform, said Torres-Caballero. More than 200 customers in 55 countries, including traditional and challenger banks, have signed up to its subscription-based service, he noted.

The Americas region, where its most important markets are Brazil, Mexico and the US, contributes around 30% of Mambu’s total revenues, Torres-Caballero said.

The company is particularly encouraged by "progressive” regulation on open banking in the region, said the executive. Open banking allows banks to securely share customer data so that third parties can develop data-driven solutions.

Mexico’s banking and securities regulator CNBV is expected to publish open banking regulation this month, as reported.

Mambu has offices in Berlin, Dresden, Amsterdam, London, Iasi (Romania), Singapore, Miami and Sydney, according to its website.