Digital banking technology vendor Narmi has secured $35 million in a Series B funding round.
The round was led by VC firm Graycroft and existing investors NEA and Picus Capital.
The fresh capital will be used to develop the firm’s digital banking solutions, partner up with new financial institutions and accelerate the overall digitisation of the US banking industry.
Narmi co-founder Nikhil Lakhanpal says the company supports financial institutions as they move to a “digital-first” approach. “We will keep building, innovating and staying laser focused on this vision until it is achieved,” Lakhanpal says.
To support its digitisation mission, the fintech plans to “ramp up hiring” as it looks to launch a new business account opening platform.
Narmi’s API-driven platform offers consumer and business digital account opening. The company says it enables financial institutions to open accounts in less than 2.5 minutes.
It also claims its customers have experienced a 20% increase in Net Promoter Score (NPS); 55% increase in new account applications from non-account holders; 50% decrease in support volume; 63% improvement in support response time; 137% increase in app store rating; and 65% reduction in time from application start to application submission.
Narmi’s customers include Berkshire Bank, LendingClub, Twinstar Credit Union, First Internet Bank, University Credit Union, and Freedom Credit Union.
The fintech was founded in 2016 and is based in New York, US. It says its founding team, who previously worked at an established financial institution, “quickly became frustrated by digital technology available to them”.
Narmi co-founder Chris Griffin says: “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 Financial institutions shouldn’t have to worry about their digital offering becoming outdated.”
The company raised $20.4 million in a Series A in February last year.