Nymbus, a Miami Beach-based banking-as-a-service financial technology company, raised another $3 million on the heels of its $53 million Series C round in February and $20 million in fund-raising in Q2. The latest round was led by OFG Ventures, a subsidiary of the publicly traded OFG Bancorp.
“We believe banks should strive to innovate and redefine their business models in order to serve their customers better. Today’s digital world forces banks to be agile and inventive when it comes to customer convenience and value-added services,” said Ganesh Kumar, Director at OFG Ventures.
The investment will be used to support significant demand and create new products, routes to market and revenue streams for banks and credit unions, the company said.
“Our mission has remained steadfast to help financial institutions of any size succeed with impactful, intentional innovation,” said Jeffery Kendall, Chairman and CEO of Nymbus, in a statement. “OFG Ventures’ investment is an added vote-of-confidence to the value our strategy brings to an industry widely in need of immediate and sustainable business growth opportunities.”
Nymbus integrates everything needed to build out and operate a full-scale digital bank positioned for success on day one. Nymbus Labs also helps its client financial institutions create revenue streams, such as one launched in February with technology financial services firm NYDIG to deliver Bitcoin products and services to its bank and credit union customers.
In February, Nymbus raised a $53 million Series C financing round. The round, Nymbus’ largest, 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. That was followed up with two rounds totaling $20 million in Q2.
Nymbus was the 5th highest funded South Florida company in the first half of this year, which was dominated by fintech activity.
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