WealthTech Narmi rakes in $35m from Series B

Narmi, a provider of open digital banking technologies, has raised $35m in a Series B financing raise.

The round was co-led by venture capital firm Greycroft and existing investors NEA and Picus Capital.

Narmi claims it is one of the fastest growing companies servicing financial institutions in the US. The company offers an API-driven platform that grants financial institutions access to its products including consumer and business digital account openings, business digital banking and consumer digital banking and an administrator console.

Narmi plans to use the new funding to develop its digital banking solutions more broadly, partner with new financial institutions and accelerate the digital modernisation of the banking industry.

The firm also intends to ramp up hiring prior to the launching of its business account opening platform and further build out openness – a key product pillar. It will additionally plan to widen the reach of its business digital banking platform.

Narmi co-founder Nikhil Lakhanpal said, “Our vision is to give every financial institution in the country full confidence that they can grow and prosper in a digital-first way. We will keep building, innovating and staying laser focused on this vision until it is achieved. This investment from blue chip firms like NEA and Greycroft will help make this vision a reality.”

Chris Griffin – co-founder of Narmi – added, “So much of what’s missing in digital banking today is a true commitment to constant innovation. Financial institutions shouldn’t have to worry about their digital offering becoming outdated. We know that is our responsibility and ultimately our biggest differentiator. We outline our largest product changes every month at new.narmi.com and make this publicly available to hold ourselves accountable.”

India-based CRED, which rewards users for paying their credit card bills, has reportedly raised $140m in its fourth investment in the past 18 months.

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