Jan 31, 2019

Microinvestment app Acorns raises $105mn funding

Olivia Minnock
1 min
Fintech app Acorn has seen investment from NBC and Comcast.
Fintech app Acorns has finished its series E funding round with investment totalling $105mn. This puts the company’s total valuation at $806mn.&nbs...

Fintech app Acorns has finished its series E funding round with investment totalling $105mn. This puts the company’s total valuation at $806mn. 

With over 4mn subscribers, Acorn is a microinvestment company founded in California in 2012 which allows customers to round up everyday purchases and invest the spare change into a portfolio of managed funds. Users spend money as normal and watch their investments grow. 

Leading investors in the round were NBC Universal and Comcast Ventures. Due to its investment, NBC has become the biggest shareholder in the company and as such will have a seat on the board, which will be occupied by Mark Hoffman, Chairman of CNBC. 

Hoffman stated: “This partnership with Acorns builds on CNBC’s 30-year commitment to democratising the financial markets, helping generations invest for their future. We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers. We aim to put the tools of wealth making in everyone’s hands and this includes helping all Americans grow their money knowledge.” 

Other investors in the series E round included BlackRock, Bain Capital Ventures, TPG’s Rise Fund, DST and MSD Capital.

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Jul 28, 2021

Nymbus enters strategic partnership with Plaid

Fintech
NYMBUS
Plaid
Digitalpayments
2 min
Nymbus has partnered with Plaid to help meet customer demand for connecting to digital finance apps

Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions. 

This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.

 

What are the benefits of the integration?

 

Benefits of the Nymbus and Plaid integration for financial institution customers include:

  • Improve user identity verification and reduce fraud.
  • Instantly authenticate and link members’ bank accounts.
  • Streamline ACH transfers between any bank or credit union in the US.
  • Access and analyse comprehensive transaction data.
  • Validate real-time account balances to protect against overdraft and enable account pre-funding.

“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”


 

Continuous growth and expanding partnerships

 

Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.

Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.

Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”


Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.

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