Insight Partners has led a $70 million Series D funding round for Nymbus, a startup that helps banks migrate their legacy systems and launch neobanks. The company plans to use the funds to scale its products and services, particularly its core transaction processing engine and platform for commercial banking.

Nymbus aims to provide a cloud-based banking solution that offers traditional banks features like API access, event-driven alerting, and robotic process automation to help them modernize and digitize their operations and products. Despite economic uncertainty and a slowdown in tech funding, Nymbus believes it is well-positioned to weather headwinds as banks increasingly realize the importance of modernization.