Berlin startup Mambu raises $2m to tackle microfinance tech

Michelle Kuepper 2013-02-14 6

Point Nine and Russian-based Runa Capital are teaming up to invest $2m in Mambu, a Berlin-based SaaS startup one of its supporters says could “radically change the entire face of the microfinance industry.”

Kizoo, a previous investor in the microfinance technology services provider, also contributed to the funding round.

Opportunity International is one of the microfinance companies that supports Mambu.

Mambu – the tech behind 70 microfinanciers in 20 countries

The startup provides a SaaS solution to support microfinance operations, including client and portfolio management, along with accounting and reporting.

Since launching just under two years ago, Mambu has allowed over 70 microfinance organisations in 20 countries to reach over 200,000 clients. The financing will be used to grow the team, accelerate product development and aid their global expansion. So far, the startup has offices in Berlin, Spain and Romania.

In a press release, Mambu CEO and founder Eugene Danilkis said: “Microfinance is a powerful idea of helping people to help themselves… We believe the right technology combined with the right people can help achieving the shared vision of enabling billions of people to invest in their small business, save for education, improve their living conditions and solve the challenges of their communities.”

Douglas Pond, the CCO at Opportunity International in Mozambique, one of the microfinance sites that supports Mambu, is positive about the services the startup offers, saying they could “radically change the entire face of the microfinance industry”.

The financing announcement comes one day after Point Nine announced a €40m second fund. Mambu is the first of a string of investments the early-stage VC has in the works, with cofounder Pawel Chudzinski saying they plan on making one new investment per month. It’s also another investment in a SaaS startup for the VC, which has also invested in Clio, Gengo and Jobber.

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