Nymbus secures $12m in funding to expand digital banking systems
Banking technology provider Nymbus has completed a $12 million raise in a new financing round led by shareholders Insight Partners and Vensure Enterprises.
The focus of the new capital will be on “rapid market penetration” for the vendor’s SmartEcosystem digital banking platform.
Nymbus claims that the system is able to “buy back decades of lost time” for financial services firms by offering a series of digital solutions which can centralise a client’s operations.
“This latest funding points to confidence and demand in the marketplace for innovative solutions that financial institutions can rapidly deploy in order to thrive in a digital-dependent world,” says Scott Killoh, CEO and founder of Nymbus.
“Nymbus is fortunate to have the proven products and tools in place to make digital transformation immediately available for more banks and credit unions, and with this funding, the financial backing to drive our growth at scale.”
Nymbus has recently launched its SmartLenders platform to help institutions looking to get to grips with the US CARES Act passed on 27 March, which introduced the Paycheck Protection Program (PPP).
According to the firm, its system can rapidly change institutions’ legacy technology infrastructure into a “rapid deploy PPP solution where banks require no knowledge or skills to operate the system.”
“We’ve increased our commitment to Nymbus as they continue to build out a full ecosystem of products and services that is being overwhelmingly received within the market as a proven alternative to the traditional banking model,” states Peter Sobiloff, manager director at Insight Partners.