Mambu, the SaaS banking platform provider, today announced the company is on target to achieve significant growth in 2016. The past 12 months has seen accelerated expansion of Mambu’s business with the company’s platform now used for managing nearly $600 million in portfolio with this figure growing by 10% month on month.

The company was launched in 2011 initially focusing on loan management in emerging countries. Five years later the biggest growth areas for Mambu are SMB financial products of various types including term loans, revolving credit, working capital, asset financing, invoice financing and models (direct or P2P). The company is also starting to service more transactional banking clients with nearly one million active saving, deposit and current accounts and 125 million system transactions per month. Mambu is now present in 40 countries across the globe with its platform used for serving nearly two million end-clients and businesses.

“2016 kicked off with a great start for us after receiving €8 million in funding to accelerate the commercialization of our platform,” said Eugene Danilkis, CEO of Mambu. “Interest in a platform like ours has never been so popular with organizations realizing that the SaaS model brings tremendous benefits in cost and time-to-market advantages to digital-first financial institutions. Mambu is growing at a significant speed and to meet this demand we will more than double the size of the team by the end of the year.”

Mambu also recently launched its FinTech Startup Program, allowing startups to bring their innovative vision to market faster by leveraging the Mambu platform. Mambu will enable these organizations to build their innovative consumer or business focused financing products much faster and cheaper than building the technology fully in-house.

Mambu has added 25 new customers to their portfolio this year with that figure set to double by the end of 2016. These customers include a fintech companies, established financial institutions leveraging Mambu to launch new products and traditional organizations undergoing a digitization transformation. All are focused on servicing consumers and businesses poorly reached by the existing banking infrastructure via loan and deposit products.