The Series D funding round also saw participation from ConnectOne Bank and PeoplesBank, along with The Banc Funds Company and Mendon Venture Partners, and follows a previous investment from Curql Collective
Nymbus secures $70m funding. (Credit: Mackenzie Marco on Unsplash)
US-based financial technology solutions provider Nymbus has secured $70m in a Series D funding round led by global venture capital and private equity firm Insight Partners.
The investment round also saw participation from ConnectOne Bank, PeoplesBank, The Banc Funds Company and Mendon Venture Partners.
It follows a previous strategic investment from Curql Collective, a Credit Union Service Organization (CUSO).
Curql Collective offers financial technology for credit unions, through its Curql Fund and Reseda, a wholly owned CUSO of MSU Federal Credit Union (MSUFCU).
The financial technology company intends to use the funding to support the expansion of its modern core system and diverse product portfolio.
Nymbus chairman and CEO Jeffery Kendall said: “This latest round of financing positions the company to double down on our mission of bringing new thinking to financial institutions to help them thrive in an ever-evolving market.
“These strategic investments are a testament to the confidence in Nymbus’ ability to transform the financial services industry by modernising outdated legacy systems with proven technology and business models that result in growth for our current and future clients.”
Financial Technology Partners (FT Partners), a global investment banking firm focused on the financial technology sector, played an advisory role in the funding round.
Insight Partners a software investor focused on high-growth technology, software, and Internet start-up and Scale-Up companies that are driving transformative change in their industries.
ConnectOne Bank, a subsidiary of ConnectOne Bancorp, is a commercial bank that offers a full suite of banking and lending services to commercial, small business and consumer clients.
PeoplesBank is a large-scale community bank, and The Banc Funds Company is a private equity investment firm with $1.5bn in assets under management.
Mendon Venture Partners is a venture capital investment firm focused on the intersection of innovative technology and traditional banks.
Insight Partners managing director Peter Sobiloff said: “Financial institutions must pivot from traditional revenue models and seize novel opportunities to drive growth in the swiftly shifting financial landscape.
“Nymbus offers the necessary products and services for these organisations to secure a competitive edge.
“By shattering the norm, Nymbus’ pioneering approach to niche banking establishes the industry benchmark, concurrently innovating with flexible solutions to deliver enduring value for banks and credit unions. We look forward to endorsing their future ventures in these fields.”