NYMBUS scores $53m in its funding round

NYMBUS, which develops banking technology, has raised $53m in its funding round to support its rising demand.

The round was led by existing NYMBUS investor Insight Partners.

Funds will be used to expand access to its GROW model, which creates new digital revenue streams for banks and credit unions.

Capital will also be used to expand the company’s product suite, including the recently announced Nymbus Labs. The new feature is aimed at removing barriers for institutions and help them connect to the communities they serve.

The FinTech enables banks and credit unions of all sizes to unify their banking functions and operational services.

Insight Partners manager director Peter Sobiloff said, “The shift to profitable digital banking is still in its early stages for many traditional institutions, and Nymbus fills a tremendous hole in the market for enabling these banks and credit unions to finally move beyond playing catchup and set up their businesses for meaningful growth.”

As part of the funding, Sobiloff and Insight Partners principal AJ Malhotra has joined the Nymbus board of directors.

The company previously raised $12m in funding back in June 2020.

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