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Founded just a month ago, Nymbus CUSO has landed a $20 million investment from Florida's second largest credit union by asset size and members – VyStar Credit Union.
In an announcement on Tuesday, banking technology solutions provider NYMBUS said it had completed a significant financing round to advance the development of its new credit union service organization, Nymbus CUSO.
According to the statement, Nymbus CUSO was created to connect credit unions with "trusted fintech offerings that both simplify technology delivery and enable new growth opportunities." The $20 million investment by the Jacksonville, Fla.-based VyStar Credit Union (more than $10 billion in assets and nearly 750,000 members) shows a true belief in what officials see as a needed technical partner in the credit union industry.
Nymbus CUSO logo. (Source: NYMBUS) "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," VyStar's EVP and COO, Chad Meadows, said.
According to the announcement, VyStar has a focus on partnering with fintech CUSOs through meaningful investments. Joel Swanson, chief member experience officer at VyStar, said, "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," Jeffery Kendall, chairman and CEO of Nymbus, said. "We're thrilled to collaborate with VyStar in the effort, which is now accelerated with this considerable investment."
In recent years, VyStar has announced a number of new investments in technology and growth strategies.
In 2019, VyStar created a $10 million fund to invest exclusively in fintech companies. At that time, Meadows said, "Partnering with fintech companies is an important strategy for VyStar to ensure we are delivering industry-leading solutions. As a result, VyStar's goal through these partnerships is to find the like-minded fintech companies that are laser-focused on delivering value and ultimately the best experience for our membership."
Earlier this month, VyStar announced it agreed to buy the $1.5 billion Heritage Southeast Bank of Jonesboro, Ga., for $189 million, representing the credit union industry's largest-ever bank acquisition. When finalized, Vystar estimated the acquisition will bring the credit union's total assets to approximately $12.5 billion, more than 85 full-service branches and members totaling more than 850,000.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
