Miami Tech & Startup News

Funding for fintechs: Nymbus raises additional $15M; Candex reels in $20M

Funding for fintechs: Nymbus raises additional $15M; Candex reels in $20M

This week brings a double helping of fintech funding.

Nymbus, a Miami Beach-based provider of banking-as-a-service solutions, received a $15 million investment from London-based Financial Services Capital, which doubled its stake in Nymbus. Nymbus plans  to use the funds to expand its banking technology product offerings.

Led by Chairman and CEO Jeffery Kendall, Nymbus enables banks and credit unions of any size to grow and attract new market segments. It delivers 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. The company recently launched Nymbus Labs, which was built o systematically remove barriers for institutions to leverage niche digital banks that connect to the communities they serve, create new revenue streams, and innovate, Nymbus said.

As part of the investment, Matt Wallach, Co-Founder of Veeva Systems, will join as a Strategic Advisor, and Matthew Hansen, Managing Partner at Financial Services Capital, will join Managing Partner Miroslav Boublik on the Nymbus Board of Directors.

In February, Nymbus announced it had raised $53 million in a Series C round led by Insight Partners. With the new round announced today, the company has raised $111 million in capital.

In another fintech fund raise, the South Florida Business Journal reported that Candex, a fintech company with operations in Miami and Tel Aviv,  raised $20 million in a Series A funding round led by Silicon Valley investment firm Altos Ventures, with American Express Ventures and JP Morgan participating.

The SFBJ reported that Candex moved its U.S. headquarters from San Francisco to Miami last October, and has about five employees now in Miami and about 30 globally.  

Candex, founded in 2011, offers a business-to-business payment processing platform that helps large companies track and streamline payments to small vendors. The startup has raised more than $23.5 million in private capital since 2017.

Jeremy Lappin, Candex cofounder and CEO who is in Miami, calls Candex the “Venmo for Business” and said the company will use the new funding to improve its products and to expand to other countries.

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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