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Fintech firm Narmi has raised $20.4m in Series A funding round to develop open digital banking platform for regional banks and credit unions in the US.

Investment round led by venture capitalist firm New Enterprise Association (NEA) and joined by more than a dozen investors including Patriot Financial partners, Picus Capital, Contour Ventures and Firebolt Ventures.

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It was also participated by executives from Plaid, Brex, Expanse and few other companies.

The fintech company offers digital account opening, consumer digital banking, business digital banking and an administrator console.

All its platforms are API-driven and entirely cloud-based. They allow financial institutions to leverage any of the company’s platforms to drive growth, deposits and cost efficiencies.

Narmi co-founder Nikhil Lakhanpal said: “We started Narmi with the mission to help financial institutions thrive in a digital-first world and that mission hasn’t changed.

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“Since launching over four years ago, we’ve experienced over 100 percent revenue growth every year, launched four enterprise-grade platforms and helped our partner financial institutions deliver transformational results.”

Narmi’s client list includes names such as Radius Bank and Berkshire Bank.

Commenting on the investment, NEA general partner Liza Landsman said: “Narmi is delivering an unparalleled product that shows a deep understanding of the challenges that regional banks and credit unions are facing to keep pace with an increasingly digitally-centric customer base in banking today, at a speed that is super impressive.

“We are very proud to partner with them on this journey of continued innovation and success.”