MSUFCU partners Nymbus for SMB “bank in a box” solution
Michigan State University Federal Credit Union (MSUFCU) has partnered with financial infrastructure provider Nymbus as it looks to further tap into the small and medium-sized business (SMB) market.
The partnership will see the credit union leverage Nymbus SMB, a “bank in a box” solution of digital tools for credit unions to serve the SMB market. The offering includes features such as invoicing, compliance, cash flow analytics, digital banking and cash management tools.
Nymbus SMB has been built to help credit unions compete against the dominance of traditional banks by equipping them with lower cost services to attract more SMB customers.
MSUFCU previously participated in Nymbus’ Series D funding round in May, which saw the firm raise $70 million. The round was led by Insight Partners and also featured additional participation from ConnectOne Bank and Mendon Venture Partners.
Nymbus CEO, Jeffery Kendall, says the partnership is “a pivotal opportunity” and that Nymbus SMB will connect credit unions with “the modern tools and services they need to effectively meet the needs of the growing SMB market”.
Adding to this, April Clobes, president and CEO of MSUFCU, describes its alignment with Nymbus on this “vital project” as a “strategic move” that will enable the credit union to enhance its product offerings and services for small business owners.