Core banking firm Nymbus raises $12m

Source: Nymbus

Nymbus Inc., provider of the world’s most current mission-critical core technology available to financial institutions, today announced it has completed a $12 million financing round led by the major shareholders of Vensure Enterprises.

NYMBUS will accelerate product deployment and infrastructure teams to support pent-up interest in the company’s SmartCore platform, as financial institutions of all sizes attempt to transform their technology for the new digital economy.

"NYMBUS is here to help the 12,500 financial institutions encumbered by some of the oldest enterprise technology still in use, many developed as long as 30 to 40 years ago. These banks and credit unions have a strained business model, as they face increasing operational costs, severe regulatory pressures, while also being forced to utilize technology that is putting them at risk for survival. They desperately need an alternative to survive, grow and support their local communities. This additional funding will help us rapidly convert the already high demand for our SmartCore platform," said Scott Killoh, NYMBUS, Executive Chairman.

Core banking software is the most important infrastructure in financial services, the central nervous system for these institutions. The core platform not only drives day-to-day operations, but also serves as the institution’s backbone for new capabilities and growth. Yesterday’s legacy core systems are significantly ill-equipped to support the range of functions, modularity and scalability that today’s financial institutions require to address the digital age.

“Financial institutions still using these old, complex and expensive legacy core systems built for the last century do not have the ability to address the rise and evolution of digital delivery channels. So we are thrilled that the funding will allow us to quickly scale our user base, as well as our service and support teams to drive growth and innovation that this market so desperately needs,” said David Mitchell, NYMBUS, President & Chief Revenue Officer. 

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