Narmi Raises $35M in Funding to Accelerate Digital Transformation for U.S. Financial Institutions
“Enter Narmi, which enables banks and credit unions of all sizes to deliver a digital experience on par with the biggest banks and most innovative neobanks. Narmi does important work and we are proud to be a part of it,” said Will Szcerebiak, Partner at Greycroft Ventures.
NEW YORK (WEB PR)
June 15, 2022
Narmi, a leading provider of open digital banking technology, today announced a $35 million Series B funding co-led by Greycroft and existing investors NEA and Picus Capital. Narmi is one of the fastest growing companies serving financial institutions in the United States and plans to leverage new capital to expand its digital banking solutions more broadly, partner with new financial institutions and accelerate the digital modernization of the banking sector. The company is transforming financial institutions nationwide and counts Berkshire Bank, LendingClub, Twinstar Credit Union, First Internet Bank, University Credit Union, Freedom Credit Union and many more among its clients.
Today, financial institutions cannot ignore user demands to provide consumers and businesses with intuitive, feature-rich, and well-designed digital platforms. Narmi addresses this need through its API-driven platform that enables financial institutions to access Narmi’s many products (Consumer Digital Account Opening, Business Digital Account Opening, Consumer Digital Banking, Business Digital Banking and admin console) to drive growth, deposits and cost savings.
“Our vision is to give every financial institution in the country the full confidence that they can grow and thrive in a digital-first way. We will continue to build, innovate and stay focused on this vision until “It is realized. This investment from blue chip companies such as NEA and Greycroft will help make this vision a reality,” said Nikhil Lakhanpal, co-founder of Narmi.
Specifically and as part of its commitment to digital transformation, Narmi plans to accelerate recruitment ahead of the launch of its enterprise account opening platform and further develop a key product pillar – opening – including including full support for middleware layers, their proprietary AppXchange and developer ecosystem. Additionally, Narmi plans to accelerate the reach of its enterprise digital banking platform. Existing trading platforms are clumsy today, leaving a huge untapped market that Narmi opens up for financial institutions. With Narmi, financial institutions like Grasshopper Bank, a successfully relaunched business-focused digital bank, can fully serve SMEs with a unique digital banking experience: “The SME market hasn’t received, we don’t think not, an upper class yet digital financial services experience. That’s what Grasshopper decided to do with the help of Narmi. – Mike Butler, CEO of Grasshopper Bank.
“Much of what is missing in digital banking today is a true commitment to constant innovation. Financial institutions shouldn’t have to worry about their digital offering becoming obsolete. We know this is our responsibility and ultimately our biggest differentiator. We outline our major product changes each month on new.narmi.com and make them public to hold ourselves accountable,” said Chris Griffin, co-founder of Narmi.
“One of the biggest challenges Narmi’s customers face is delivering the kind of modern digital banking experiences users expect. And a missing digital presence makes it harder to acquire and retain customers, scaling operations, growing deposits and resonating with younger, digital native users,” said Will Szczerbiak, partner at Greycroft. “Enter Narmi, which enables banks and credit unions of all sizes to offer a digital experience at the height of the biggest banks and the most innovative neobanks. Narmi does important work and we are proud to be part of it.
“Over the past two years, digital transformation has accelerated across industries, and financial institutions have been among the hardest hit,” said Liza Landsman, general partner at NEA and former president of Jet.com. “Narmi has developed a powerful approach to delivering cloud-based digital tools to help regional financial institutions not only survive, but also thrive in a now digital world. We are thrilled to partner with Nikhil and Chris as they accomplish their ambitious mission.
For more information on Narmi’s products and services, please visit http://www.narmi.com
Narmi is a financial technology company that creates enterprise solutions for digital consumer banking, business banking, and digital account opening. Financial institutions work with Narmi to become leading digital organizations, get to market faster with cutting-edge features, and better compete with megabanks, challenger banks, and fintech companies. With a strong focus on openness, Narmi’s open framework allows financial institutions to build their own extensions and functionality on the core platform to suit their needs. Today, Narmi powers financial institutions with billions of dollars in assets and helps move millions of dollars between financial institutions daily.
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