Eugene Danilkis studied Human-Computer Interaction at Carnegie Mellon University. His one-year capstone with four classmates covered microlending, and the team did field research with microfinance institutions in Mozambique.
In 2011 Danilkis, Frederik Pfisterer and Sofia Nunes set up Mambu in Berlin. Danilkis managed the project, Pfisterer led the technology and Nunes brought the psychology. The first customers were microfinance lenders.
Banks and fintechs soon wanted the same flexible core. A round of about €30 million came in 2019, a €110 million round at $1.7 billion in January 2021, and about €235 million led by EQT Growth in December 2021 at about €4.9 billion.
Mambu had $165 million in contracted annual recurring revenue in 2022. In June 2023 Danilkis stepped down as CEO, and Fernando Zandona was confirmed as CEO in August 2023. The company is now headquartered in Amsterdam.