Nymbus, a startup that partners with banks to migrate their legacy stack and launch neobanks to attract new customers, today announced that it raised $70 million in a Series D round led by Insight Partners. The Banc Funds Company and Mendon Venture Partners participated also, as did Nymbus clients ConnectOne Bank and PeoplesBank.
According to CEO Jeffrey Kendall, the new capital will be put toward investing in scaling Jacksonville-based Nymbus’ various products and services, particularly its core transaction processing engine and platform for commercial banking,
“While banks and credit unions require a robust technology stack to support operations, the market is limited to options that are often over 30 years old,” Kendall told TechCrunch in an email interview. “In 2015, Nymbus launched its cloud-based core banking platform for financial institutions to provide a robust option for replacing legacy technology and reducing technical debt. The solution has grown over time to streamline operations, offer new routes to growth and enhance the overall customer experience.”