Narmi Secures $35M in Funding to Support Digital Transformation of Financial Institutions

Narmi, a provider of open digital banking technologies, announced $35 million in Series B funding co-led by Greycroft and existing investors NEA and Picus Capital.

Narmi claims it is one of the fastest-growing companies “servicing financial institutions in the United States and plans to leverage the new capital to develop its digital banking solutions more broadly, partner with new financial institutions, and accelerate the digital modernization of the banking industry.”

The company “transforms the nation’s financial institutions and customers include Berkshire Bank, LendingClub, Twinstar Credit Union, First Internet Bank, University Credit Union, Freedom Credit Union and many others.”

Today, financial institutions cannot “ignore the demands from users to offer intuitive, feature-rich and well-designed digital platforms to consumers and businesses.”

Narmi addresses this need through its API-driven platform that “grants financial institutions access to Narmi’s many products (consumer digital account opening, business digital account opening, consumer digital banking, business digital banking, and an administrator console) to drive growth, deposits, and cost efficiencies.”

Nikhil Lakhanpal, Co-Founder of Narmi, said:

“Our vision is to give every financial institution in the country full confidence that they can grow and prosper in a digital-first way. We will keep building, innovating and staying laser-focused on this vision until it is achieved. This investment from blue chip firms like NEA and Greycroft will help make this vision a reality.”

More specifically and as a part of their commitment to digital transformation, Narmi plans “to ramp up hiring in advance of launching their business account opening platform and further build out a key product pillar – openness – including full support for middleware layers, their proprietary AppXchange and their developer ecosystem.”

Additionally, Narmi plans “to accelerate the reach of its business digital banking platform. Existing business platforms today are clunky leaving a massive untapped market that Narmi unlocks for financial institutions.”

With Narmi, financial institutions like the successfully relaunched Grasshopper Bank, a digital bank focused on businesses, “can fully service SMBs with a unique digital-first banking experience.”

Mike Butler, CEO of Grasshopper Bank, stated:

“The SMB market has not been given, we don’t think, a top class financial services digital experience yet. That’s what Grasshopper has set out to do with the help of Narmi.” 

Chris Griffin, Co-Founder of Narmi, remarked:

“So much of what’s missing in digital banking today is a true commitment to constant innovation. Financial institutions shouldn’t have to worry about their digital offering becoming outdated. We know that is our responsibility and ultimately our biggest differentiator. We outline our largest product changes every month at new.narmi.com and make this publicly available to hold ourselves accountable.” 

Will Szczerbiak, Partner at Greycroft, commented:

“One major challenge Narmi’s customer base faces is delivering the kind of modern digital banking experiences that users have come to expect. And a lacking digital presence makes it harder to acquire and retain customers, scale operations, grow deposits, and resonate with younger, digitally native users. Enter Narmi, which enables banks and credit unions of all sizes to offer a digital experience on par with the largest banks and most innovative neobanks. Narmi is doing important work and we are proud to be a part of it.”

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