US-based fintech company Nymbus has secured $16m in a funding round led by consumer credit provider Home Credit Group.
Nymbus has created a cloud-based core processing platform, dubbed SmartCore, that integrates all crucial functionality needed to operate financial services firms. The platform powers both day-to-day activities and has been built for scale and to accommodate third-party services.
Unnamed shareholders of Vensure Enterprises previously provided $12m in funding in August 2016.
Scott Killoh, executive chairman at Nymbus, said: “Tens of thousands of banks and credit unions are not capitalising on strategic growth opportunities due to outdated legacy core technology.
“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.”
Miroslav Boublik, group head of special projects at Home Credit International, said: “The traditional banking model is being massively disrupted and Nymbus is best positioned to stand at the core of this transformation.
“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.”