Cloud-based core banking provider Nymbus has raised $53m in its Series C funding round, which was led by its existing investor Insight Partners.
Nymbus provides banks and credit unions with operational resources necessary to launch and run their own digital bank.
Go deeper with GlobalData
Its banking technology suite includes Loan Origination, CRM, Digital and others.
This is the largest ever funding Nymbus has received to-date and comes at a time when it is experiencing a surge in its client base, which is triggered by Covid-19 pandemic.
Nymbus chairman & CEO 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 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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNymbus says it will use this funding to expand its GROW model, which aims to create new digital revenue streams for banks and credit unions.
It also intends to use the fresh investment to improve its services such as its upcoming ‘Nymbus Labs’, aiming to connect niche digital banks with its communities.
Insight Partners MD 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.”
As part of the agreement, Insight’s MD Peter Sobiloff and its principal AJ Malhotra will join the Nymbus board of directors.
In June last year, Nymbus secured $12m in a growth funding round to address the growing consumer demand for its digital financial services.
