Core-processing platform-developer NYMBUS has raised $12 million in financing in a round led by Vensure Enterprises. The investment will help the company speed product deployment as well as provide greater infrastructure support for its SmartCore platform.
According to NYMBUS, the funding could not have been better timed. Pointing to “already high demand” for its cloud-based SmartCore technology, NYMBUS Executive Chairman Scott Killoh said, “These banks and credit unions have a strained business model as they face increasing operational costs, severe regulatory pressures, while also being forced to utilize technology that is putting them at risk for survival.” Killoh said technology like NYMBUS was vital to help these FIs “survive, grow, and support their local communities.”
Chief Experience Officer Mario Garcia demonstrates the NYMBUS platform at FinovateSpring 2016 in San Jose, California.
“We are thrilled that the funding will allow us to quickly scale our user base, as well as our service and support teams, to drive growth and innovation that this market so desperately needs,” said David Mitchell, NYMBUS president and CRO. The company’s SmartCore technology was launched last year to help smaller FIs transition away from older core systems that are often lacking in innovation and heavy in cost. NYMBUS, which aspires to be the “Tesla of banking,” instead provides a full-stack, API-driven platform, one that is HTML5, browser-based, built in Java and fully-hosted.
The new funding for NYMBUS comes after the company spent most of the summer making a variety of strategic acquisitions. NYMBUS acquired core data-processing, solutions-provider R.C. Olmsted for an undisclosed sum in June, the same month it bought credit union software technology company, KMR and core processing vendor, Sharp BancSystems. NYMBUS says that the trio of acquisitions has resulted in a company with $200 million in intellectual property powering real banking software in publicly traded banks and credit unions. The company launched its credit union service organization (CUSO) in March, and in February, partnered with fellow Finovate alum and PFM innovator, Geezeo.
Founded in 2015 and headquartered in Miami Beach, Florida, NYMBUS demonstrated its technology at FinovateSpring 2016. The company also participated in our developer’s conference, FinDEVr New York 2016, earlier this year, presenting its advanced core-processing platform for FIs.