In a spherical led by OFG Ventures – a subsidiary of OFG Bancorp – financial institution expertise answer supplier NYMBUS has secured $3 million in new funding.
“Our mission has remained steadfast to assist monetary establishments of any dimension succeed with impactful, intentional innovation,” Nymbus CEO and Chairman Jeffery Kendall mentioned. “OFG Ventures’ funding is an added vote-of-confidence to the worth our technique brings to an business extensively in want of rapid and sustainable enterprise progress alternatives.”
Most not too long ago demonstrating its expertise two years in the past at FinovateFall, banking-as-a-service innovator Nymbus gives monetary establishments with each the technical and operational instruments essential to digitally remodel their companies. The corporate’s options – starting from its flagship SmartCore, SmartDigital, and SmartPayments choices to its full-service, standalone digital banking different SmartLaunch – give banks, credit score unions, and different monetary services-based corporations larger skill to streamline processes and provide new digital providers – with out requiring a serious core conversion or important further human assets.
This week’s funding is just the most recent infusion of capital the Miami Seaside, Florida-based fintech has obtained this yr. The corporate picked up $15 million in funding from non-public fairness agency Monetary Providers Capital this spring and, in February, Nymbus introduced a $53 million Series C round led by Perception Companions. The corporate’s complete funding now stands at greater than $121 million, in response to Crunchbase.
Nymbus has been one of many busier banking-as-a-service innovators of late, partnering with quite a lot of fintechs and monetary establishments previously yr. These partnerships have included collaborations with fellow Finovate alums like Plaid and Segmint, credit score unions and challenger banks like VyStar CU and PeoplesBank’s ZYNLO Bank, in addition to with innovators in open finance and cryptocurrencies like Red Hat and NYDIG. The corporate additionally launched a brand new credit score union service group (CUSO) in March, Nymbus CUSO, to assist credit score unions take higher benefit of fintech choices that may allow them to create new income alternatives and enhance engagement with their members.
“Our CUSO signifies a dedication to credit score unions by offering strategic partnerships and versatile expertise that can create sustainable progress and dependable members,” Kendall mentioned when the brand new group was launched earlier this yr. “For these desirous to innovate, Nymbus CUSO strikes previous conventional vendor considering to create supportive buildings for credit score unions able to develop and attain new area of interest markets.”
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