NYMBUS Raises $70 Million in Series D Funding, Bolstered by New and Returning Investors

JACKSONVILLE, Fla.–(BUSINESS WIRE)–NYMBUS, a premier provider of cutting-edge financial technology solutions, is proud to announce the completion of its Series D funding round of $70 million, made up of new and repeat investors. This round was led by global software investor Insight Partners and bolstered by additional investments from Nymbus clients ConnectOne Bank and PeoplesBank, alongside financial technology investors, The Banc Funds Company and Mendon Venture Partners. The announcement comes on the heels of a previous announcement of strategic investments from Curql Collective, a Credit Union Service Organization (CUSO) driving financial technology innovation for credit unions, via its flagship Curql Fund and Reseda Group, a wholly owned CUSO of MSU Federal Credit Union (MSUFCU), a Nymbus client.

In conjunction with FT Partners’ advisory role in the funding round, the capital infusion will empower Nymbus to expedite the expansion and advancement of its modern core system and diverse product portfolio.

“Financial institutions must pivot from traditional revenue models and seize novel opportunities to drive growth in the swiftly shifting financial landscape. Nymbus offers the necessary products and services for these organizations to secure a competitive edge,” stated Peter Sobiloff, Managing Director, Insight Partners. “By shattering the norm, Nymbus’ pioneering approach to niche banking establishes the industry benchmark, concurrently innovating with flexible solutions to deliver enduring value for banks and credit unions. We look forward to endorsing their future ventures in these fields.”

As a reliable ally for banks and credit unions, Nymbus is dedicated to breaking down barriers to growth and providing leading-edge solutions and support. “This latest round of financing positions the company to double down on our mission of bringing new thinking to financial institutions to help them thrive in an ever-evolving market,” said Jeffery Kendall, Chairman and CEO of Nymbus. “These strategic investments are a testament to the confidence in Nymbus’ ability to transform the financial services industry by modernizing outdated legacy systems with proven technology and business models that result in growth for our current and future clients.”

“We believe in the power of modernization and see our investment in Nymbus as a step towards shaping the future of banking. Nymbus’ cutting-edge solutions and strategic approach align with our mission to provide superior financial services while adapting to the evolving needs of our customers,” said Brian Canina, Chief Operating Officer and Chief Financial Officer of PeoplesBank.

This funding milestone underscores NYMBUS’ role as a frontrunner in the fintech arena. “Forward-thinking innovation and partnership are integral to our philosophy, and Nymbus embodies these values. By investing in Nymbus, we endorse a company that resonates with our ethos, and supports our mission of delivering modern financial services,” declared Siya Vansia, ConnectOne Bank’s Chief Brand & Innovation Officer.

“Nymbus is uniquely positioned to further modernize the banking and financial services landscape given its cloud-based solutions, innovative technology and in-depth knowledge of products and services. We’re thrilled to invest in this company, its leadership, and team,” stated Anton Schutz, Founder and Managing Partner of Mendon Venture Partners. Charles J. Moore, President of The Banc Funds Company, added, “Through our investment in Nymbus, we are helping to shape the future of the industry and driving meaningful impact.”

With steadfast support from partners and clients, Nymbus is poised to redefine the future of financial services, fostering growth and creating unparalleled value for all stakeholders.

About Nymbus

Nymbus has disrupted the financial services market as an alternative to legacy business models. With Nymbus, any size financial institution can quickly launch a full-service digital bank or migrate to our award-winning core. Whichever growth strategy is right for you, Nymbus buys back decades of lost time to engage and support the entire digital customer journey.

About Insight Partners

Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

About ConnectOne Bank

ConnectOne Bank, a subsidiary of ConnectOne Bancorp, Inc. (NASDAQ: CNOB), is a leading commercial bank with total assets in excess of $9 Billion. ConnectOne offers a full suite of banking and lending services to commercial, small business and consumer clients. Founded by an entrepreneur, ConnectOne combines leading digital solutions with high-level service to offer an unparalleled experience to its clients. www.ConnectOneBank.com

About PeoplesBank

PeoplesBank is a leader in innovation, corporate responsibility, environmental sustainability, and employee engagement. Our three LEED®-certified offices are environmentally friendly, and we have financed more than $188 million in wind, hydroelectric, and solar energy projects.

As the largest community bank in the market, we have a unique ability to help the communities we serve through volunteer efforts and millions of dollars in donations to charitable and civic causes. Our associates devote an average of 10,000 hours to volunteer work each year, and 48 of the bank’s officers serve on the boards of directors and committees of 115 nonprofit organizations in the area.

PeoplesBank is a mutual bank and therefore is responsible to our depositors, employees, and the community. This organizational structure allows us to focus on the long-term viability of the bank and the best interests of our customers. We currently have 20 banking centers located in Massachusetts and Connecticut.

About The Banc Funds

The Banc Funds Company is a leading private equity investment firm that partners with management teams in the financial services and financial technology industries and gives them the tools, the knowledge, and the independence to create success. The firm has $1.5 billion in assets under management and has made more than 500 investments across 10 funds since its inception in 1986.

About Mendon Venture Partners

Mendon Venture Partners is a venture capital investment firm focused on the intersection of innovative technology and traditional banks. Mendon Ventures BankTech Fund is dedicated to investing in technologies that predominantly serve incumbent regional and community banks across foundational pillars of financial services including data/analytics, automation, payments, core banking/processing, and risk/compliance. Mendon Ventures intends to realize and add value through its unique approach, aligned partnerships, rigorous analytics, and trusted advisory role among market participants.

About FT Partners

Financial Technology Partners (“FT Partners”) is the first and only global investment banking firm focused exclusively on the FinTech sector. We broadly define the sector as the dynamic convergence of technology-based solutions and financial services. FT Partners was recently recognized as “Dealmaker of the Year” and “Investment Banking Firm of the Year.” While largely providing buy and sell-side M&A and private capital raising services for the past two decades, FT Partners now will emphasize its comprehensive IPO Advisory offering as well as its new IPO Underwriting / Equity Research platform.

The Firm was founded by Steve McLaughlin, Managing Partner, formerly a senior investment banker in Goldman Sachs & Co.’s Financial Technology Group and Financial Institutions Group in New York and San Francisco. The Firm’s Founder and senior bankers are all highly experienced investment bankers formerly with the financial technology, M&A and investment banking groups of largely Goldman Sachs, Morgan Stanley and J.P. Morgan in New York, San Francisco, London, and Los Angeles.

Builder.ai announces $250M Series D led by QIA to push new boundaries for its AI powered composable software platform

LONDON and DOHA, Qatar, May 23, 2023 (GLOBE NEWSWIRE) — Builder.ai®, the AI powered composable software platform, designed to be so simple and accessible that everyday businesses and individuals can turn their ideas into software, today announced an investment of over $250 million in Series D funding. The new investment, led by Qatar Investment Authority (QIA) takes the total amount raised by the company to over $450 million with an up to 1.8x increase in its valuation.

The latest round of capital will fuel the company’s continued industry leadership and innovation pipeline allowing further investments in talent, partnerships, and technology; with a bigger focus on using human conversation as the primary user interface for allowing people to build software rather than the expert-laden white-canvas systems we are used to seeing in the no-code/low-code space. With customer demand at an all-time high, and AI advancing every day, the company has almost doubled its headcount since January 2022, and extended its UK HQ footprint with four new offices opened since 2021 – including the USA, the UAE, Singapore, and France.

Continued investor support – combined with strategic partnerships, customer tailwinds and acclaimed industry innovation – helped drive the company’s momentum with 2.3x revenue growth and over 40,000 features deployed to customers within the last year.

The Series D round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures & Insight Partners.

“Builder.ai was founded on the promise that everyone should be empowered to unlock their human potential. Today this means being able to build software to be able to do more with less. We are entering an incredible time in history where the very notion of software is changing; from something that had a shelf life of years to what will eventually have a shelf life of a conversation and the volume of what is being created is only going to grow exponentially,” said Sachin Dev Duggal, Chief Wizard and Founder of Builder.ai.

Duggal added “With the support of our investors and the dedication and drive of our team, we are further empowered to unlock our own potential. Our growth strategy has always been driven by a DNA based on being able to do more with less and this has weaved into our shared vision with our customers around the world as everyone pushes the envelope to do more. It is what attracted our first-round investors in 2018, and what drives this Series D today. Our team is already investing this capital in our AI and automation capabilities, not only keeping pace with the fast-moving industry, but leading from the front so we can empower our customers more and at the same time use new frontier technology responsibly.”

“QIA is very excited to be partnering with the leader in this space. We are confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth. This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy,” said Ahmed Ali Al-Hammadi, CIO for Europe, Türkiye and Russia at QIA.

“Sachin and the Builder.ai team have produced tremendous results since Insight invested one year ago. We are thrilled to be doubling down on our support of the company,” Jeff Horing, Co-Founder and Managing Director at Insight Partners.

Established in 2016, Builder.ai continues to lead the industry with its AI-powered composable software platform that allows anyone with an idea to build an app (web or mobile) – faster and 70% more affordably. Breaking software down into its reusable lego-like features, coupled with customization from its managed expert network of designers and developers atop its human assisted AI powered assembly line, has been the key to Builder.ai’s performance and that of its customers’ successful digital transformations worldwide.

The brand has also furthered its partnership with Microsoft for a holistic global GTM and inclusion in their reseller program, as well as entered into partnerships with JP Morgan & Chase, Etisalat UAE and other technology and financial enterprises. These partnerships, along with the company’s visionary application of AI, have landed Builder.ai on the 2023 Fast Company list of Most Innovative Companies, won them the 2022 Europas “Scale Up of the Year” and placed them firmly in the 2021 Gartner® Magic Quadrant™ for Multi Experience Development Platforms (MXDP) and MarketGuide 2022 for MXDP, as well as inclusion in the final round of consideration for 2022 Gartner® Magic Quadrant™ for low code application platforms (LCAP).

The transaction is subject to customary closing conditions.

Goodwin acted as legal advisor to Builder.ai.

AWARD: GrowthCap Top 25 Healthcare Investors of 2023

Insight Partners Managing Directors Lonne Jaffe and Scott Barclay have been named to GrowthCap’s list of the Top 25 Healthcare Investors of 2023.*

Read the article and complete list of winners on the GrowthCap website here.

*The award referenced herein is the opinion of the party conferring the award and not of Insight Partners. GrowthCap, LLC (“GrowthCap”), an independent third party that is not affiliated with Insight, issued the award. The time period upon which the award was based was 1/2022 – 12/2022. The award was given on 4/21/2023. Insight submitted a nomination on behalf of certain of its personnel. After being notified by GrowthCap of the selection of certain of its personnel for the award, Insight paid a fee to secure award receipt. In general, the receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award. GrowthCap’s recognition is not indicative of Insight’s future performance and was not based on evaluations of clients or investors of Insight. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.