Fintech provider NYMBUS has completed a $12 million financing round led by major shareholders from Vensure Enterprises. Providers of mission-critical core technology, NYMBUS will use the funds to increase product deployment and infrastructure staffing.
“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,” executive chairman Scott Killoh said. “These banks and credit unions have a strained business model, as they face increasing operational costs and severe regulatory pressures while also being forced to utilize technology that is putting them at risk for survival.”
Core banking software powers financial institutions, yet many of those companies employ core systems which cannot adequately handle the range of demands placed on them in the modern era. Many solutions end up being patchwork options placed on top of an already suspect foundation, president and chief revenue officer David Mitchell explained.
“Financial institutions still using these old, complex and legacy core systems built for the last century do not have the ability to address the rise and evolution of digital delivery channels. We are thrilled the funding will allow us to quickly scale our user base, as well as our service and support teams to drive growth and innovation this market so desperately needs.”