The fintech firms Nymbus and Monzo separately announced that investors are pouring in additional money to fuel their growth.
Nymbus, a provider of cloud-based core systems, announced it has secured a $16 million funding round led by Home Credit Group, a consumer finance provider based in the Netherlands.
“This round of funding will allow us to strengthen our focused efforts around helping customers implement more efficient operations, more modern digital experiences and, ultimately, achieve greater growth,” said Scott Killoh, executive chairman of Nymbus. The Miami firm previously raised $12 million in mid-2016.
So far, the startup has disclosed that two credit unions — Kaiperm Diablo Federal Credit Union in Walnut Creek, Calif., and Chrome Federal Credit Union in Washington, Pa. — have signed on to use its SmartCore system.
Also on Thursday, the U.K. challenger bank Monzo announced it has secured a $24.5 million investment round from Thrive Capital, Passion Capital and Orange Digital Ventures. Additionally, the company has reserved an additional $3.1 million to be raised through crowdfunding at the same valuation as its VC backers.
Monzo had a similar strategy last year (it was known as Mondo at the time) when it raised about $8.5 million. Its crowdfunding block sold in 96 seconds that time.
“There was so much demand last year that many people missed out, so we’ve taken extra steps this time to ensure as many people as possible have a fair chance to invest,” Monzo CEO Tom Blomfield said in a blog post on Thursday. Investors in the crowdfunding segment can invest between £10 ($12.55) and £1,000 ($1,255).
Monzo says it plans to use the proceeds to support its launch, further expand its team and continue to build the business.