Record Investment to Fuel New Era of Growth in Financial Services
MIAMI–(BUSINESS WIRE)–February 10, 2021–
NYMBUS®, a leading provider of banking technology solutions, today announced a $53 million financing round led by existing investor Insight Partners – notable for backing ScaleUp SaaS companies with capital and operational support. Nymbus will leverage the latest funds to empower financial institutions with expanded access to its unique GROW model which creates new digital revenue streams for banks and credit unions.
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The round is Nymbus’ largest funding to-date, and follows a year marked by overwhelming demand for the company’s proven alternative to the traditional banking model. With its complete suite of banking technology, tools and on-demand services, Nymbus makes digital transformation quickly available to move any size financial institution forward. As part of this round, AJ Malhotra, Principal at Insight Partners, will join Managing Director Peter Sobiloff on the Nymbus Board of Directors. Jeffery Kendall will assume the title of CEO and Chairman of the Nymbus Board of Directors.
“As the pandemic has pushed digital to the forefront, more banks and credit unions have turned to Nymbus as their partner for growth,” said Jeffery Kendall, CEO and Chairman of Nymbus. “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.”
In addition to supporting a surge of clients and rapid company expansion, the investment will allow Nymbus to continue broadening its solution and service offerings. This includes the soon-to-be-unveiled Nymbus Labs, built and operated to systematically remove barriers for institutions to leverage niche digital banks that connect to the communities they serve, create new revenue streams, and innovate.
“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,” said Peter Sobiloff, Manager Director at Insight Partners. “We look forward to continue working with Nymbus as they build out a best-in-class financial services model that is well positioned to be a leader in the industry.”
For more information, please visit nymbus.com.
Nymbus enables banks and credit unions of any size to grow and attract new market segments by delivering a full suite of banking technology, including Loan Origination, CRM and Digital, along with the operational resources to launch and run a new digital bank. Whichever growth path you choose, Nymbus buys back decades of lost time and accelerates your ability to engage and support the entire customer journey.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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