MIAMI–The technology CUSO Nymbus has closed a funding round with a $5-million investment from the Curql Fund, the venture capital arm of Members Development Co.
Nymbus said the funds will be used to “accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.”
The Curql Fund, which was announced in 2020, said it “invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money.”
The fund is managed by Des Moines, Iowa-based Next Level Ventures, which said it is the largest investment firm managing credit union assets today.
“Our investment in Nymbus CUSO by our flagship fund is based on the level of differentiation it brings to the credit union space,” said Nick Evens, CEO of Curql. “Their technology is more than a digital solution that works within a credit union; its Banking-as-a-Service model allows credit unions to quickly stand up an entirely digital organization that includes the required people, processes and technology.”
Founded in March 2021 with a goal of helping “break through barriers to growth,” Nymbus CUSO said its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
As CUToday.info reported here, Curql’s investment follows an additional $20 million funding round recently led by VyStar Credit Union.
‘Aggressive Plans’
“We have aggressive plans to amplify the capabilities of credit unions and extend their reach to new niche segments,” said John Janclaes, president of Nymbus CUSO. “This investment is further validation that Nymbus’ fresh model for growth is the path for any credit union to not only compete, but thrive long-term, in this extraordinarily competitive environment. Collaboration and investment from Curql and VyStar Credit Union, two of the credit union movement’s most forward-thinking and respected advocates, will help bring ongoing and rapid innovation to more credit unions and better solutions and experiences to their members.”