Previously, NYMBUS, a firm that develops banking technology, raised $53m in funding in an effort to meet the rising demand for its services.
A round of funding led by existing NYMBUS investor Insight Partners led to the closing of the round.
Banks and credit unions will be able to access the funds through the GROW model, which enables them to create new channels of digital revenue.
In addition to investing capital into expanding Nymbus Labs, which was announced recently, the company will also use the capital to expand its product portfolio. By offering this new feature, the institution wants to remove barriers between itself and the communities it serves, and be able to connect directly with them.
As a result of FinTech, banks and credit unions of all sizes are able to streamline their banking functions and improve operational efficiency.
“The shift toward profitable digital banking is still in its infancy for many traditional institutions, and Nymbus fills a significant gap in the market by providing these banks and credit unions with the tools necessary to finally move beyond playing catch up and build a business that is going to grow meaningfully.” said Peter Sobiloff, manager director of Insight Partners..”
In addition to the funding, Sobiloff and Insight Partners principal AJ Malhotra has joined the Nymbus board of directors as part of this deal.
In June 2020, the company raised $12 million in funding from investors.
New York Medical Bank, Inc. is a company that develops technology to facilitate the development of the medical credit market.
It was a good round of funding that was lead by Insight Partners, an existing investor in NYMBUS.
Banks and credit unions can use this new model, called GROW, to generate digital revenue. The GROW model creates a new channel of digital revenue.
In addition to investing capital into Nymbus Labs, which was announced recently, the company will also use that capital to expand its product portfolio.
The institution is hoping to improve relations between itself and its neighbors by establishing this new feature. By removing barriers, the organization wants to be more connected with the community it serves.
As a result of FinTech, banks and credit unions of all sizes are able to streamline their banking functions and improve operational efficiency. Banks are struggling to figure out how to survive and compete in an increasingly mobile, tech-savvy world. This trend is also being driven by the growing number of customers and merchants choosing to bank with a FinTech player. B: Banks are struggling to figure out how to survive and compete in an increasingly mobile, tech-savvy world.
In June of 2020, the company raised $12 million from investors.