The core vendor Nymbus has completed a $12 million financing round.
The round was led by the major shareholders of the venture capital firm Vensure Enterprises.
Nymbus, launched 18 months ago, offers a cloud-based platform that uses application programming interfaces to connect with partners to provide things like bill payment and personal financial management. It said that the new capital would accelerate product deployment and infrastructure teams for its SmartCore platform and that it needed the additional funding to keep up with "pent-up interest" from financial institutions.
"These banks and credit unions have a strained business model, as they face increasing operational costs, severe regulatory pressures, while also being forced to utilize technology that is putting them at risk for survival," Scott Killoh, executive chairman of Nymbus, said in a press release Monday.
Nymbus executives told American Banker last month the company expected to unveil its first three bank customers later this year.