US-based fintech has completed its Series D funding round of $70m, made up of new and repeat investors. This round was led by global software investor Insight Partners. Other backers include additional investments from Nymbus clients ConnectOne Bank and PeoplesBank, alongside financial technology investors, The Banc Funds Company and Mendon Venture Partners.
The announcement follows an announcement on 4 May of strategic investments from Curql Collective. The Credit Union Service Organisation (CUSO) drives financial technology innovation for credit unions and invested via its flagship Curql Fund and Reseda Group. This is a wholly owned CUSO of MSU Federal Credit Union (MSUFCU), a Nymbus client.
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Nymbus raised $53m in its Series C funding round in February 2021.
Nymbus aims to disrupt the financial services market as an alternative to legacy business models. It says that any size financial institution can quickly launch a full-service digital bank using Nymbus or migrate to its core system.
Accelerating expansion of its product portfolio
Nymbus said that the additional capital will accelerate expansion and advancement of its modern core system and diverse product portfolio.
” Financial institutions must pivot from traditional revenue models and seize novel opportunities to drive growth in the shifting financial landscape. Nymbus offers the necessary products and services for these organisations to secure a competitive edge,” said Peter Sobiloff, Managing Director, Insight Partners.
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By GlobalData“By shattering the norm, Nymbus’ pioneering approach to niche banking establishes the industry benchmark. Concurrently innovating with flexible solutions, it delivers enduring value for banks and credit unions. We look forward to endorsing their future ventures in these fields.”
According to Nymbus, it is dedicated to breaking down barriers to growth and providing leading-edge solutions and support.
“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,” added Jeffery Kendall, Chairman and CEO of Nymbus. “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are a testament to the confidence in Nymbus’ ability to transform the financial services industry by modernising outdated legacy systems with proven technology and business models that result in growth for our current and future clients.”
Siya Vansia, ConnectOne Bank’s Chief Brand & Innovation Officer, said: “Forward-thinking innovation and partnership are integral to our philosophy. Nymbus embodies these values. By investing, we endorse a company that resonates with our ethos and supports our mission of delivering modern financial services.”
