Locality Bank has successfully raised $35m in the capital after increasing the maximum amount from $23m in subscriptions for stock.
Last month, regulators approved its application for state charter and FDIC secure deposit insurance.
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The US-based SME-focused digital community lender plans to launch its application on 12 January 2022.
Locality Bank’s services will be offered through the app. The lender plans to offer commercial banking, commercial real estate lending, SBA lending, and deposit and business treasury services.
Locality Bank will use NYMBUS’ cloud-native core banking system with an open application programming interface (API) architecture to operate.
Locality Bank CEO Keith Costello said: “12 January is the same day Broward Bank of Commerce opened in 2009, thus we will be the first community bank to open in 10+ years in South Florida with the capital to lend.
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By GlobalData“By combining cutting-edge digital solutions from our partners at NYMBUS to provide a digital-first banking model, Locality Bank will have the technological resources and enhanced tools to empower local businesses.”
The lender, which is currently operating out of a temporary location, has planned an official opening in March 2022.
In other digital banking news, last week, US-based digital banking technology provider Bankjoy launched a banking platform for small businesses.
Recently, Cloud banking technology provider Thought Machine raised $200m at a $1bn valuation.
