Total amount raised
$55.5 Millions
Latest funding date
6/1/2022
Location
Narmi has successfully raised significant funding through multiple rounds, with its latest being a Series B. The company provides digital banking solutions tailored for regional and community financial institutions.
Keep reading to explore the intricacies of Narmi's fundraising journey and the investors backing this innovative platform.
What Is Narmi?
Narmi, founded in 2016 by Chris Griffin and Nikhil Lakhanpal, is headquartered in New York, New York. The company specializes in providing mobile, online, and digital account banking services to regional and community financial institutions.
With a team of 101-250 employees, Narmi's platform enables financial institutions to open accounts in less than 2.5 minutes and grow that relationship over a lifetime through intuitive mobile and online channels.
Narmi's suite of products includes consumer and business digital banking, account opening solutions, custom integrations, and open APIs, all designed to modernize financial services and enhance customer experiences.
How Much Funding Has Narmi Raised?
- Pre-Seed Round
- Amount Raised: $120K
- Date: April 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Narmi's digital banking platform.
- Non-Equity Assistance
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources without diluting equity.
- Seed Round
- Date: November 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Seed Round
- Date: December 2018
- Lead Investors: Picus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop Narmi's digital banking solutions.
- Convertible Note
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional funding with flexible terms.
- Series A
- Amount Raised: $20.4M
- Date: February 2021
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance product capabilities.
- Series B
- Amount Raised: $35M
- Date: June 2022
- Lead Investors: Greycroft, New Enterprise Associates, Picus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop digital banking solutions and partner with new financial institutions.
Total Amount Raised: $55.52M
Current Valuation: Not publicly disclosed
Key Investors
- Greycroft
- Details: Greycroft is a venture capital firm that invests in early and growth-stage companies. They focus on technology, media, and healthcare sectors.
- Investment Focus Areas: Technology, media, healthcare
- Notable Investments: Venmo, Braintree, The RealReal
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that supports entrepreneurs in building transformational businesses. They invest across multiple stages and sectors.
- Investment Focus Areas: Technology, healthcare, energy
- Notable Investments: Robinhood, Coursera, Uber
- Picus Capital
- Details: Picus Capital is an early-stage technology investment firm. They support founders from the idea stage to IPO and beyond.
- Investment Focus Areas: Fintech, proptech, digital health
- Notable Investments: Personio, Forto, Lilium
What's Next for Narmi?
With the recent $35 million Series B funding, Narmi is poised to capitalize on the growing demand for digital banking solutions among regional and community financial institutions. The launch of new products like Narmi Analytics and a business account opening platform highlights the company's commitment to innovation and expansion. These advancements offer significant opportunities for Narmi to partner with more financial institutions and fintech companies, driving the digital modernization of the banking industry.
Future fundraising efforts could see Narmi securing additional rounds to further enhance its product offerings and market reach. However, the company will need to navigate challenges such as competition from other fintech firms and regulatory hurdles. Ensuring the security and reliability of their platforms will be crucial as they continue to grow and innovate in the digital banking space.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Narmi and gather other critical business insights.
Sign up for free on Clay and start transforming your sales approach today.
