Mambu, the microfinance technology provider, has secured around $2 million in Series A funding from Runa Capital and Point Nine Capital. Early investor Kizoo Technology ventures also participated in the round.
The Berlin-based company says that the funds will be used to expand its team of microfinance experts, push product development and grow its global community.
Mambu has offices in Germany, Spain and Romania, and partners around the world. It provides a Software as a Service (SaaS) solution to the global microfinance community.
The company was founded by Eugene Danilkis, Frederik Pfisterer and Sofia Nunes after a year-long microfinance research project with a focus on Africa. Since launching in May 2011, Mambu has enabled over 70 microfinance organizations in 20 countries to reach over 200,000 clients, processing thousands of transactions each day.
Mambu helps to serve a possible three billion people around the world who lack basic financial services like loans and savings. Its solution aims to support all microfinance operations from client and portfolio management to accounting and reporting.
The service has been designed to provide affordable access that has been more usually found at large banking institutions so that small and medium organisations can track their finances.
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