Mambu started as a one-year capstone project by five students in Carnegie Mellon University's Master of Human-Computer Interaction program.[4] The project involved user research, prototyping, and design documentation, which included conducting field research on microfinance institutions in Mozambique. The student team consisted of Josh Coe (design), Eugene Danilkis (project management), Sofia Nunes (psychology), Frederik Pfisterer (technology), and Joydeep Sengupta (user experience research).[5][6]
After their university project was complete, three of the students continued to develop the platform. Mambu the company was then founded based on the thesis work. They had developed technical infrastructure for microfinanciers in Latin America and Africa.[7] The company's first clients were mainly from emerging markets.[8] Early backers included Commerzbank and Berlin-based venture capitalist Point Nine.[9]
In 2016, the German neobank N26 became a Mambu customer. Solarisbank also relies on Mambu's software.[8]
In June 2021, Mambu raised nearly €200 million in a financing round led by EQT AB.[2]
According to Handelsblatt, contracted annual recurring revenue is estimated at $165 million for 2022.[10]
In 2020, Mambu first partnered with C24 Bank to launch the greenfield digital retail bank. In June 2023, Mambu and C24 Bank announced an extension to their ongoing partnership. [11]
In June 2023, CEO and co-founder Eugene Danilkis, left his role as CEO, remaining a shareholder and member of the board. The company's CTO, Fernando Zandona, was named interim CEO, and then was officially named CEO in August 2023.[12][13][14]
