Digital banking solution developer Narmi has bagged $20.4m in its Series A funding round to help community banks and credit unions better compete against megabanks, challenger banks and FinTechs, it claims.
New Enterprise Associates acted as the lead investor, with other contributions coming from Patriot Financial Partners, Picus Capital, Contour Ventures and Firebolt Ventures. Additionally, executives from Plaid, Brex, Expanse, as well as other companies, also supplied capital to the round.
The FinTech has created an API-driven and cloud-based platform that enables financial institutions to leverage a range of tools to drive growth, deposits and efficiency. Some of its features include digital account opening, consumer digital banking, business digital banking and workflow management.
Narmi also offers a selection of security and compliance tools to help firms to safeguard their operations. It leverages a number of monitoring tools to achieve maximum security and uptime for clients.
NEA general partner Liza Landsman said, “Businesses and consumers are doing more of their banking online than ever before, and the ability to connect financial institutions with their end customer in faster, simpler, digital-first ways has never been more important.
“Narmi is delivering an unparalleled product that shows a deep understanding of the challenges that regional banks and credit unions are facing to keep pace with an increasingly digitally-centric customer base in banking today, at a speed that is super impressive. We are very proud to partner with them on this journey of continued innovation and success.â€
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