Nymbus, now considered one of banking’s leading providers of specialized software, recently announced a successful Series C funding round that will help the company grow its banking-as-a-service (BaaS) offering. Led by existing investor, Insight Partners, the round is Nymbus’ largest to date, bolstering confidence in its service after a year of rapid adoption for the company’s proven alternative to the traditional banking model.
Since its inception, Nymbus has evolved its reputation for making digital transformation quickly available to move financial institutions of any size forward. Its suite of banking technology, tools, and on-demand services met a timely rise in demand as the company’s offerings became more and more relevant to users over the past year. The funding round raised $53 million, which Nymbus will funnel into expanding capabilities to empower financial institutions with greater access to its unique GROW model, which creates new digital revenue streams for banks and credit unions.
The company’s model has proven to be a successful one, as financial institutions are desperate for solutions that will facilitate their transition to the digital realm. To address this need, Nymbus partnered with Payrailz to develop a BaaS solution that helps institutions to become digital banks. The company has also aptly addressed unique challenges brought upon by the pandemic, launching a SmartLenders program to aid SMBs in applying for pandemic assistance loans.
Jeffery Kendall, CEO and Chairman of the Nymbus Board of Directors said, “This new and significant investment validates a confidence in Nymbus to continue transforming the financial services industry with a banking strategy that buys back decades of lost time to speed digital innovation.”
Nymbus got an early start in the market of banking-as-a-service solutions, just as the shift to digital banking was only beginning. With its fully fledged services, existing client base, and timely growth, Nymbus is well placed to hold its firm position is a leader in this space. The funding will help the company support its growing client base, fuel its inevitable expansion, and broaden its solution and service offerings with innovations for the future. As banks scramble to offer immediate digital solutions, Nymbus will play a pivotal role in facilitating their transformation during a crucial time for banking.