Marks the Industry’s Largest-ever Fintech Funding Round Made on Behalf of a Credit Union
NYMBUS®, a leading provider of banking technology solutions, today announced it has completed a significant financing round to advance the development of its new credit union service organization (CUSO), Nymbus CUSO. Founded in March 2021 to help break through barriers to growth, its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new growth opportunities.
VyStar Credit Union—the 16th largest credit union in the U.S. with assets totaling $10.85 billion—avidly supports Nymbus CUSO’s mission and value and has invested $20 million towards its establishment.
“VyStar understands the challenges faced by the credit union industry, and we work diligently to identify the right partners like Nymbus that can deliver the disruptive solutions needed to help them thrive in today’s competitive environment,” said Chad Meadows, EVP / Chief Operations Officer at VyStar.
VyStar has a focus on partnering with fintech CUSOs through meaningful investments. Joel Swanson, Chief Member Experience Officer at VyStar, noted, “Today’s record investment speaks volumes to the confidence VyStar has placed in this new CUSO. Nymbus has come up with an entirely new approach for credit unions to innovate quickly for members that incorporates a truly sustainable growth strategy.”
“Based on the overwhelming response that Nymbus CUSO has already received in the market, we clearly address an overlooked opportunity for helping credit unions play to their strengths and make serious growth gains without breaking their technology budgets,” said Jeffery Kendall, Chairman and CEO of Nymbus. “We’re thrilled to collaborate with VyStar in the effort, which is now accelerated with this considerable investment.”