Nymbus closed another financing round to scale its digital banking services for financial institutions.
The Miami Beach-based firm announced it raised $3 million in a round led by OFG Ventures, a subsidiary of Puerto Rico-based financial holding company OFG Bancorp (NYSE: OFG). Nymbus CEO Jeffery Kendall said the company will use capital injection to meet rising customer demand and create new digital products for banks and credit unions.
“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," he said.
Nymbus hosts digital services for financial institutions so they can establish online banks under their existing charters. The company provides all of the marketing, operational and technical resources needed to support that transition.
The OFG Ventures investment follows Nymbus' $53 million Series C fundraising round, which closed in February. The fintech used a portion of the funds to launch Nymbus Labs, a service that creates new digital revenue streams for financial institutions.
One of those potential revenue streams is Bitcoin banking. Earlier this year, Nymbus partnered with NYDIG to deliver Bitcoin products and services to its financial services customers, giving users the ability to buy and sell the cryptocurrency from their bank accounts.
OFG Ventures Director Ganesh Kumar said Nymbus services provide a path to profitable innovation for banks and credit unions.
"Today’s digital world forces banks to be agile and inventive when it comes to customer convenience and value-added services,” he said. “We believe banks should strive to innovate and redefine their business models in order to serve their customers better."
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