Nymbus CUSO Draws $5 Million in Funding

Nymbus CUSO, founded three months ago to help credit unions manage fintech solutions, has landed a $5 million second round investment from the Curql Fund, a venture capital fund founded last year and managed by credit unions.

The Curql Fund invests in financial services technology “that revolutionizes and innovates how people engage with their money,” according to a news release from NYMBUS, the Miami-based parent company of Nymbus CUSO and a provider of financial services technologies.

“Our investment in Nymbus CUSO by our flagship fund is based on the level of differentiation it brings to the credit union space,” Curql CEO Nick Evens said.

Evens added, “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.”

Nymbus CUSO was founded in March to help credit unions break through barriers to growth. Its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.

Curql’s investment follows a $20 million funding round in April to advance the development of Nymbus CUSO led by VyStar Credit Union of Jacksonville, Fla. ($10.7 billion in assets, 764,701 members).

John Janclaes, president of Nymbus CUSO, said managers have aggressive plans to amplify the capabilities of credit unions and extend their reach to new niche segments.

“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,” Janclaes said. “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.”

Curql is a collaborative approach to venture capital launched in 2020 by the 70 credit union owners of Members Development Company. It is steered by a collective of former founders, operators and leaders in fintech and venture capital.

Curql’s flagship, Curql Fund I, is managed by Next Level Ventures, a venture capital firm based in Des Moines, Iowa that typically invests $500,000 to $5 million to achieve a minority position in growing companies. In March, Next Level Ventures and seven credit unions contributed to a $10 million second round of funding for LenderClose, the real estate and home equity lending technology platform also based in Des Moines.

In April, Curql Fund I announced it has reached its initial fundraising goal of $70 million from VyStar and at least 24 other credit unions.