“Our mission has remained steadfast to help financial institutions of any size succeed with impactful, intentional innovation,” Nymbus CEO and Chairman Jeffery Kendall said. “OFG Ventures’ investment is an added vote-of-confidence to the value our strategy brings to an industry widely in need of immediate and sustainable business growth opportunities.”
Most recently demonstrating its technology two years ago at FinovateFall, banking-as-a-service innovator Nymbus provides financial institutions with both the technical and operational tools necessary to digitally transform their businesses. The company’s solutions – ranging from its flagship SmartCore, SmartDigital, and SmartPayments offerings to its full-service, standalone digital banking alternative SmartLaunch – give banks, credit unions, and other financial services-based companies greater ability to streamline processes and offer new digital services – without requiring a major core conversion or significant additional human resources.
This week’s investment is only the latest infusion of capital the Miami Beach, Florida-based fintech has received this year. The company picked up $15 million in funding from private equity firm Financial Services Capital this spring and, in February, Nymbus announced a $53 million Series C round led by Insight Partners. The company’s total funding now stands at more than $121 million, according to Crunchbase.
Nymbus has been one of the busier banking-as-a-service innovators of late, partnering with a variety of fintechs and financial institutions in the past year. These partnerships have included collaborations with fellow Finovate alums like Plaid and Segmint, credit unions and challenger banks like VyStar CU and PeoplesBank’s ZYNLO Bank, as well as with innovators in open finance and cryptocurrencies like Red Hat and NYDIG. The company also launched a new credit union service organization (CUSO) in March, Nymbus CUSO, to help credit unions take better advantage of fintech offerings that can enable them to create new revenue opportunities and boost engagement with their members.
“Our CUSO signifies a commitment to credit unions by providing strategic partnerships and flexible technology that will create sustainable growth and loyal members,” Kendall said when the new organization was introduced earlier this year. “For those wanting to innovate, Nymbus CUSO moves past traditional vendor thinking to create supportive structures for credit unions ready to grow and reach new niche markets.”