Nymbus, a leading US-based cloud-core banking solutions provider, has partnered with Massachusetts-based community bank PeoplesBank to introduce two new financial products aimed at enhancing workplace finance and fostering long-term employee loyalty. These solutions—Employer-led Bank and Union Workers Financial Services (UWFS)—are designed to empower mid-to-large organizations and unions to create digital banks tailored to their workforce’s financial needs.
The new products offer a suite of financial wellness tools, including credit-building resources, personalized debit cards, emergency loans, high-interest savings accounts, and discounted financial services. A standout feature of these offerings is a revenue-sharing model, which allows companies to reinvest a portion of the banking revenue back into their workforce, further strengthening employee benefits and loyalty.
Launching with several prominent organizations and unions in the coming months, this development builds on a strong partnership between Nymbus and PeoplesBank. The two organizations initially collaborated in 2021 when PeoplesBank, a $4.2 billion asset institution, transitioned its core banking to Nymbus’ API-first solution, following the successful launch of Zynlo, its digital bank powered by Nymbus SmartLaunch.
Nymbus, headquartered in Jacksonville, Florida, continues to expand its digital services and has recently partnered with Michigan State University Federal Credit Union and Roger, a digital bank supporting US military members. In May 2023, Nymbus secured $70 million in Series D funding to further its mission of providing innovative digital banking solutions.
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