Banking Technology Solutions Company NYMBUS Raises $53 Million

By Amit Chowdhry ● February 16, 2021
  • NYMBUS — a leading provider of banking technology solutions — announced a $53 million funding round led by existing investor Insight Partners. These are the details.

NYMBUS — a leading provider of banking technology solutions — announced a $53 million funding round led by existing investor Insight Partners. And Nymbus will utilize 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.

This round of funding is Nymbus’ largest funding to-date and follows a year marked by overwhelming demand for the company’s proven alternative to the traditional banking model. And with its complete suite of banking technology, tools and on-demand services, Nymbus makes digital transformation quickly available to move any size financial institution forward.

As part of the funding round, AJ Malhotra, Principal at Insight Partners, will join Managing Director Peter Sobiloff on the Nymbus Board of Directors. And Jeffery Kendall will assume the title of CEO and Chairman of the Nymbus Board of Directors.

Along with supporting a surge of clients and rapid company expansion, the investment will allow Nymbus to continue broadening its solution and service offerings. And 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.

KEY QUOTES:

“As the pandemic has pushed digital to the forefront, more banks and credit unions have turned to Nymbus as their partner for growth. 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.”

— Jeffery Kendall, CEO and Chairman of Nymbus

“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. 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.”

— Peter Sobiloff, Manager Director at Insight Partners