A mission-critical core technology provider for financial institutions, NYMBUS announced yesterday (Feb. 23) that the company secured $16 million in a venture capital funding round led by Home Credit Group. The most recent round comes just six months after another $12 million investment.
“Tens of thousands of banks and credit unions are not capitalizing on strategic growth opportunities due to outdated legacy core technology,” said Scott Killoh, executive chairman at NYMBUS. “This round of funding will allow us to strengthen our focused efforts around helping customers implement more efficient operations, more modern digital experiences and, ultimately, achieve greater growth.”
NYMBUS’ core banking platform, SmartCore, is modular, scalable and enables third-party integrations. The system drives day-to-day operations and reportedly serves as the backbone for additional capabilities and growth for financial institutions. NYMBUS’ solution is a cloud-based, full-stack product, which enables financial institutions to adequately respond and keep up with the pace of digital enhancement.
“The traditional banking model is being massively disrupted, and NYMBUS is best positioned to stand at the core of this transformation,” said Miroslav Boublik, group head of special projects at Home Credit International. “The company is led by a talented, experienced executive team, and in our assessment, NYMBUS’ technology is both many years ahead of traditional banking system vendors and most viable among emerging FinTech providers.”
With the two rounds of funding, NYMBUS reportedly plans to accelerate its expansion in partnership with lead investor Home Credit Group. The international consumer finance provider operates in 11 countries with headquarters in the Netherlands. The provider reported 17 million active customers as of Q3 2016 and has originated more than 111 million loans worth over $45 billion.
David Mitchell, president at NYMBUS, said: “We’re helping financial institutions implement digital-first strategies in order to drive customer growth and competitive differentiation, with the speed, agility and urgency required by today’s businesses. Our partnership with Home Credit Group better positions us to accelerate our growth plans and continue our technology innovation and leadership.”