Banking fintech Nymbus raises $70mn to 'expedite' growth

US fintech Nymbus, which provides the technology for financial institutions to quickly launch a full-service digital bank, has raised US$70mn in Series D funding.

The round was led by Insight Partners with additional investment from Nymbus clients ConnectOne Bank and PeoplesBank, as well as fintech investors like The Banc Funds Company and Mendon Venture Partners.

Nymbus will use the money to fuel further growth and “expedite” the expansion of its modern core system and diverse product portfolio. It’s almost two-and-a-half years since Nymbus’ Series C round saw it bring in US$53mn in funding.

Nymbus will ‘modernise’ the world of banking

Nymbus CEO and Chairman Jeffery Kendall says: “This latest round of financing positions the company to double down on our mission of bringing new thinking to financial institutions to help them thrive in an ever-evolving market. These strategic investments are a testament to the confidence in Nymbus’ ability to transform the financial services industry by modernising outdated legacy systems with proven technology and business models that result in growth for our current and future clients.”

Peter Sobiloff, Managing Director at Insight Partners, continues: “Financial institutions must pivot from traditional revenue models and seize novel opportunities to drive growth in the swiftly shifting financial landscape. Nymbus offers the necessary products and services for these organisations to secure a competitive edge.

“By shattering the norm, Nymbus’ pioneering approach to niche banking establishes the industry benchmark, concurrently innovating with flexible solutions to deliver enduring value for banks and credit unions. We look forward to endorsing their future ventures in these fields.”

And Anton Schutz, Founder and Managing Partner of Mendon Venture Partners, adds: “Nymbus is uniquely positioned to further modernise the banking and financial services landscape given its cloud-based solutions, innovative technology and in-depth knowledge of products and services. We’re thrilled to invest in this company, its leadership, and team. Through our investment in Nymbus, we are helping to shape the future of the industry and driving meaningful impact.”