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June 16, 2022

Narmi raises $35m to develop digital banking technology

Financial technology company Narmi has raised $35m in a Series B funding round to accelerate digital transformation of financial institutions in the US. 

The round was co-led by Greycroft and existing investors NEA and Picus Capital.

Narmi will use the new capital to develop its digital banking solutions, form new partnerships with financial institutions, and ramp up hiring. 

It counts Berkshire Bank, LendingClub, Twinstar Credit Union, First Internet Bank, University Credit Union and Freedom Credit Union among others as its customers.

Narmi provides an API-driven platform, which gives clients access to services including digital account opening and digital banking services for both consumers and businesses.

Narmi co-founder Nikhil Lakhanpal said: “Our vision is to give every financial institution in the country full confidence that they can grow and prosper in a digital-first way. We will keep building, innovating and staying laser-focused on this vision until it is achieved. This investment from blue-chip firms like NEA and Greycroft will help make this vision a reality.”

Greycroft partner Will Szczerbiak said: “One major challenge Narmi’s customer base faces is delivering the kind of modern digital banking experiences that users have come to expect. And a lacking digital presence makes it harder to acquire and retain customers, scale operations, grow deposits, and resonate with younger, digitally native users.

“Enter Narmi, which enables banks and credit unions of all sizes to offer a digital experience on par with the largest banks and most innovative neobanks.”

In early 2021, Narmi had raised $20.4m in its Series A funding round. 

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