Nymbus intends to use the funding to provide financial institutions with expanded access to its GROW model, aimed at creating new digital revenue streams for banks and credit unions
Nymbus, a banking technology solutions provider, has raised $53m in a Series C funding round led by existing investor Insight Partners, a venture capital and private equity firm.
The company intends to use the funding to provide financial institutions with expanded access to its GROW model, aimed at creating new digital revenue streams for banks and credit unions.
Nymbus said that the Series C round follows a year with enhanced demand for its alternative to the traditional banking model, and marks the largest of its funding till date.
Insight Partners manager director Peter Sobiloff said: “The shift to profitable digital banking is still in its early stages for many traditional institutions, and Nymbus fills a tremendous hole in the market for enabling these banks and credit unions to finally move beyond playing catchup and set up their businesses for meaningful growth.
“We look forward to continue working with Nymbus as they build out a best-in-class financial services model that is well-positioned to be a leader in the industry.”
As part of the financing round, Insight Partners principal AJ Malhotra and managing director Peter Sobiloff will be appointed as Nymbus Board of Directors. Jeffery Kendall will be appointed as CEO and chairman of the Nymbus Board of Directors.
Along with the rapid expansion and supporting a surge of clients, the investment is also anticipated to help the company to widen its solution and service offerings.
The company said that its Nymbus Labs, planned to be unveiled soon, is expected to eliminate barriers for institutions to leverage niche digital banks.
With the complete suite of banking technology, tools and on-demand services, Nymbus would bring digital transformation rapidly available to any size financial institution.
Nymbus CEO and chairman Jeffery Kendall said: “As the pandemic has pushed digital to the forefront, more banks and credit unions have turned to Nymbus as their partner for growth.
“This new and significant investment validates a confidence in Nymbus to continue transforming the financial services industry with a banking strategy that buys back decades of lost time to speed digital innovation.”