Nymbus, a company that develops technology solutions for the financial services sector, has raised $70m in a Series D funding round.

Insight Partners led the round, which saw participation from Nymbus clients ConnectOne Bank and PeoplesBank, alongside fintech investors, The Banc Funds Company and Mendon Venture Partners.

Set up in 2015, Nymbus claims that any size financial institution can use its technology stack to quickly launch a full-service digital bank or neo bank.

The company plans to use the funding to accelerate its expansion, advance its modern core system and develop new offerings to diversify its product portfolio.

Insight Partners managing director Peter Sobiloff said: “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 organisations to secure a competitive edge.

Nymbus chairman and CEO Jeffery Kendall said: “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.

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“These strategic investments are a testament to the confidence in Nymbus’ ability to transform the financial services industry by modernising outdated legacy systems with proven technology and business models that result in growth for our current and future clients.”

Nymbus’ Series D comes just a few weeks after an undisclosed ‘substantial’ investment from Curql Collective and Reseda Group.