By Nancy Dahlberg
Nymbus, a Miami-based banking-as-a-service financial technology company, has raised a $53 million Series C financing round, the company announced today.
The round, Nymbus’ largest to date, was led by existing investor Insight Partners, the global New York-based venture and private equity firm known for backing scale-up SaaS companies with capital and operational support. Nymbus will use the funding to expand its suite of banking technology, tools and on-demand services.
Nymbus also announced that Jeffery Kendall, who was named CEO in October 2020, will also assume the title of Chairman of the Nymbus Board of Directors. Before joining Nymbus, Kendall was an executive with fintech companies Temenos and Kony.
“As the pandemic has pushed digital to the forefront, more banks and credit unions have turned to Nymbus as their partner for growth,” Kendall said in a statement. “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, founded in 2015 by Scott Killoh and Alex Lopatine, helps banks and credit unions of any size attract new market segments by offering 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. Its cloud-based products include digital technology platforms (SmartCore, SmartDigital, and SmartPayments), and SmartLaunch, its full-service, standalone digital brand alternative.
Nymbus plans to soon launch Nymbus Labs, with the aim of "systematically removing barriers for institutions to leverage niche digital banks that connect to the communities they serve, create new revenue streams, and innovate," the company said. Last week, Nymbus announced it was partnering with technology financial services firm NYDIG to deliver Bitcoin products and services to its bank and credit union customers. Under the partnership with NYDIG, banks and credit unions that use Nymbus’ digital services can now also offer Bitcoin solutions, giving customers the ability to buy and sell Bitcoin from their bank accounts.
With the newest round, Nymbus has raised more than $96 million in venture capital, including $12 million last year.
“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 Insight Partners Managing Director Peter Sobiloff, in a statement. “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.”
AJ Malhotra, principal at Insight Partners, will join Sobiloff on the Nymbus board.
Fintech is a growing sector in South Florida. Last year, it was the second-largest in the Miami-Fort Lauderdale metro area as measured by venture capital deals, just behind healthtech.
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