Scott Killoh, Executive Chairman, NYMBUS said:
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.
Recently in June, NYMBUS made three acquisitions that includes the take over of credit union service provider KMR, Texas-based software provider Sharp BancSystems and a fellow supplier RC Olmstead (RCO) in order to expand its capabilities, geographic footprint and client base. Core banking software are the central nervous system for financial services and this platform carries out day-to-day transactions and serves as the institution’s backbone for new capabilities and growth.
“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, President and Chief Revenue Officer, NYMBUS.
