Nymbus CUSO, founded three months ago to help credit unions manage fintech solutions, has landed a second investment of $ 5 million from the Curql Fund, a venture capital fund founded last year and managed by credit unions.
The Curql Fund is investing in financial services technology “that revolutionizes and innovates the way people engage with their money,” according to a press release from NYMBUS, the Miami-based parent company of Nymbus CUSO and a provider of financial services technologies.
âOur investment in Nymbus CUSO through our flagship fund is based on the level of differentiation it brings to the credit union space,â said Curql CEO Nick Evens.
Evens added, âTheir technology is more than a digital solution that works within a credit union. Its bank-as-a-service model enables credit unions to quickly build a fully digital organization that includes the people, processes and technology required. “
Nymbus CUSO was founded in March to help credit unions overcome barriers to growth. Its mission is to connect credit unions to trusted fintech offerings that both simplify the delivery of technology and enable new digital income 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 capacities of credit unions and expand their reach into new niche segments.
“This investment is further confirmation that Nymbus’ new growth model is the path for any credit union not only to compete, but to thrive in the long term, in this extremely competitive environment,” said Janclaes. âThe collaboration and investment of Curql and VyStar Credit Union, two of the most forward-thinking and respected advocates of the credit union movement, will help bring continuous and rapid innovation to more credit unions and best solutions and experiences to their members. “
Curql is a collaborative approach to venture capital launched in 2020 by the 70 credit unions that own Members Development Company. It is managed by a collective of former founders, operators and leaders of fintech and venture capital.
Curql’s flagship product, Curql Fund I, is managed by Next Level Ventures, a venture capital firm based in Des Moines, Iowa, which typically invests between $ 500,000 and $ 5 million to secure a minority position in growing businesses. In March, Next Level Ventures and seven credit unions contributed a second round of $ 10 million funding for LenderClose, the Des Moines home equity and mortgage lending technology platform.
In April, Curql Fund I announced that it had reached its initial fundraising goal of $ 70 million from VyStar and at least 24 other credit unions.