NYMBUS, a provider of banking technology solutions, today announced a $53 million financing round led by existing investor Insight Partners – notable for backing ScaleUp SaaS companies with capital and operational support. They will leverage the latest funds to empower financial institutions with expanded access to its unique GROW model which creates new digital revenue streams for banks and credit unions.
The round is Nymbus’ largest funding to-date, and follows a year marked by what the company said was strong demand for the company’s proven alternative to the traditional banking model.
As part of this round, AJ Malhotra, principal at Insight Partners, will join managing director Peter Sobiloff on the Nymbus Board of Directors. Jeffery Kendall will assume the title of CEO and chairman of the Nymbus Board of Directors.
“As the pandemic has pushed digital to the forefront, more banks and credit unions have turned to Nymbus as their partner for growth,” Mr. Kendall said. “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.”
In addition to supporting a surge of clients and rapid company expansion, the investment will allow Nymbus to continue broadening its solution and service offerings. This includes the soon-to-be-unveiled Nymbus Labs, built and operated to systematically remove barriers for institutions to leverage niche digital banks that connect to the communities they serve, create new revenue streams, and innovate.
“The shift to profitable digital banking is still in its early stages for many traditional institutions, 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,” Mr. Sobiloff said. “We look forward to continue working with Nymbus as they build out a best-in-class financial services model that is well positioned to be a leader in the industry.”
