In a round led by existing investor Insight Partners, banking technology company NYMBUS has secured $53 million in new funding. The Series C round is the company’s largest funding to date, and will help it fulfill its mission of empowering banks and credit unions to leverage digital technology to create new revenue streams.
“As the pandemic has pushed digital to the forefront, more banks and credit unions have turned to Nymbus as their partner for growth,” explained Nymbus’ Jeffrey Kimball, who took the helm as the company’s CEO last September. “This new and significant investment validates a confidence in Nymbus to continue transforming the financial services industry with a banking strategy that buys back decades of lost time to speed digital innovation.”
As part of the funding, Insight Partners principal A.J. Malhotra will join Managing Director Peter Sobiloff on the Nymbus Board of Directors. In the funding announcement, Sobiloff underscored the ability of companies like Nymbus to help financial institutions bridge the gap between their digital goals and their legacy systems. “The shift to profitable digital banking is still in its early stages for many traditional institutions,” Sobiloff said, “and Nymbus fills a tremendous hole in the market for enabling these banks and credit unions to finally move beyond playing catchup and set up their businesses for meaningful growth.”
Nymbus noted that the capital – which takes the firm’s total funding to more than $98 million – also will support the launch of its Nymbus Labs initiative. The “soon-to-be-unveiled” project is designed to make it easier for financial institutions to “leverage niche digital banks” to better engage their customers, uncover new revenue opportunities, and drive innovation.
Nymbus most recently demonstrated its technology at FinovateFall 2019. At the conference, the Miami Beach, Florida-based company demonstrated SmartLaunch, its full-service, standalone digital bank alternative. In the time since, the company has partnered with PeoplesBank to launch a digital-first alternative ZYNLO, teamed up with NYDIG to help the Bitcoin-based financial services firm offer Bitcoin banking, and announced a pair of C-suite hires: Sarah Howell as Chief Alliance Officer and Larry McClanahan as Chief Product Officer.