Nymbus lands $15m fresh investment from Financial Services Capital
US-based banking technology provider Nymbus has landed $15 million in new investment from Financial Services Capital.
This new figure brings the total invested in Nymbus by the private equity firm to $31 million. Part of it sees Matthew Hansen, managing partner at Financial Services Capital, joining fellow managing partner Miroslav Boublik on the vendor’s board.
The firm’s says its investment demonstrates continued confidence in Nymbus’ “potential to transform the financial services industry’s outdated legacy systems”.
Nymbus says the new injection will allow it to continue broadening its offerings, including its recently launched Labs initiative.
The core banking vendor has had a busy start to 2021. Following the appointment of a new CEO and CFO in late 2020, in February 2021 it hired a chief product officer and chief alliance officer.
This was followed by news earlier this month it had appointed three more executives: Trish North as chief customer officer; Michelle Prohaska as chief compliance officer; and Crina Pupaza as chief people officer.
North joined from Aloy Labs Alliance, Prohaska from Vibrant Credit Union, and Pupaza from Insider Intelligence.
The funding itsn’t the first time Nymbus has secured a second batch of funds from an existing backer. In February, it landed $53 million in funding from Insight Partners. That cash went towards the expansion of its new credit union project, Grow.
It then set up a new credit unions service organisation (CUSO) to offer services and systems to the large credit union market in North America.
The vendor’s CEO, Jeffery Kendall, is a former executive at rival Temenos. His tenure has already seen the firm go live at PeoplesBank.