Nymbus, a premier provider of cloud-based financial technology solutions, is proud to announce that Michigan State University Federal Credit Union (MSUFCU) has partnered with Nymbus to deliver Nymbus SMB, a feature-rich, compliant, “bank in a box” solution designed to enable Credit Unions to serve the rapidly growing Small and Medium Business (SMB) market.
Recognizing the dominance of three megabanks that hold 47% of the market and the significantly smaller market share of community banks and credit unions at just 18%, Nymbus has identified a pressing need for its Nymbus SMB initiative to help level the playing field and amplify the competitiveness of credit unions. The collaboration between MSUFCU and Nymbus will pioneer a next-generation approach, enabling credit unions and regional banks to gain an edge in the intensifying SMB banking market. Through this partnership, Nymbus and MSUFCU are stepping up to fill the void left by traditional banking tech providers, which have struggled to evolve and adequately equip credit unions to capitalize on emerging market opportunities such as the rapidly expanding SMB sector.
In the wake of its recent $70 million Series D funding round—where MSUFCU also participated as an investor—Nymbus is ramping up its support for credit unions, working diligently to bridge the digital divide. Through its Nymbus SMB solution, Nymbus equips credit unions with essential digital tools to better serve SMBs, consequently expanding their market presence and establishing them as key strategic partners for SMB growth. This solution includes cost-effective services like invoicing, cash management tools, cash flow analytics and a modern digital banking platform operating through a standalone technical infrastructure.
Jeffery Kendall, CEO of Nymbus, expressed his enthusiasm about the collaboration. "This partnership represents a pivotal opportunity for credit unions as we equip them with the modern tools and services they need to effectively meet the needs of the growing SMB market," Kendall said. "Our Nymbus SMB solution is a game changer that delivers value and fills the gap left by legacy credit union technology providers."
April Clobes, President and CEO of MSUFCU, also shared her insights. "Aligning with Nymbus on this vital project is a strategic move for MSUFCU, as it allows us to enhance our product offerings and deliver top-tier services to small business owners. Through this collaboration, we’re showing our dedication to the businesses that are the connectors of our communities,” remarked Clobes.
The partnership with MSUFCU underscores Nymbus’ position as a frontrunner in the fintech arena, understanding that credit unions can serve small and medium businesses at a lower cost than the current market offerings and with a level of service that keeps those costs down. Nymbus continues redefining the future of financial services, fostering growth and creating unparalleled value for credit unions and the small business community.
About Nymbus:
Nymbus has disrupted the financial services market as an alternative to legacy business models. With Nymbus, any size financial institution can quickly launch a full-service digital bank or migrate to our award-winning core. Whichever growth strategy is right for you, Nymbus buys back decades of lost time to engage and support the entire digital customer journey.
About MSUFCU:
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the fifth year, a Top Workplace by the Detroit Free Press for 11 consecutive years, a National Best and Brightest Companies to Work For® winner for six consecutive years, and was named one of the top five Michigan credit unions in Forbes’ Best-in-State Credit Unions 2021 list. MSUFCU was named a Best Workplace in Financial Services and Insurance by Fortune Magazine two consecutive years and has been certified as a Great Place to Work® for nine consecutive years. MSUFCU has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., has 24 branches, nearly 350,000 members, more than $7.5 billion in assets, and nearly 1,100 employees.