Mambu lands USD2m for micro loans

Secured funding for expansion

Alternative payment SaaS provider Mambu, has locked down USD2m in funding led by Point Nine Capital and Runa Capital with participation from existing investor Kizoo Technology Ventures. Founded in 2011, the Stuttgart-based start-up offers micro-finance providers in developing countries cloud-based software they can use to manage loans as small as USD50.

Microfinance is a booming market as major lenders are often reluctant to engage with consumers in developing markets. Mambu claims it reaches 200,000 consumers in more than 20 countries via clients including SEAP Microfinance in Nigeria and FINCA Costa Rica. CEO Eugene Danilkis says the capital will be used for product development and recruitment.

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