NYMBUS raises $53 mn in Series C funding led by Insight Partners
By Pavithra R
Nymbus, a leading provider of banking technology solutions, has announced raising $53 mn in Series C funding led by existing investor Insight Partners.
The FinTech is planning to leverage the finance to empower FIs with expanded access to its unique GROW model, which creates new digital revenue streams for banks and credit unions.
The new financing is Nymbus’ largest investment to-date and follows a year marked by overwhelming demand for the company’s proven alternative to the traditional banking model. The firm, with its complete suite of banking technology, tools and on-demand services, makes digital transformation available to move any size financial institution forward.
“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,” said Jeffery Kendall, CEO and Chairman of Nymbus.
As part of the round, the firm has also announced the joining of AJ Malhotra, Principal at Insight Partners to its Board of Directors. Jeffery Kendall will assume the title of CEO & Chairman of the Nymbus Board of Directors.
The investment will also allow the company to continue broadening its solution and service offerings. This includes the soon-to-be-launched Nymbus Labs, built and operated to systematically eliminate barriers for institutions to leverage niche digital banks that connect to the communities they serve, create new revenue streams, and innovate.
“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,” said Peter Sobiloff, Manager Director at Insight Partners.
Recently, NYMBUS teamed up with NYDIG to offer new age of Bitcoin Banking.
Founded in 2006, NYMBUS enables FIs to digitally transform their businesses with its core platform and full-service standalone digital bank alternative. The NYMBUS SmartBanking suite, which includes its flagship digital technology products from SmartCore, SmartEcosystem, SmartDigital, SmartPayments to SmartLaunch, a full-service and standalone digital bank alternative to assist FIs in its digital transformation.
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