Introducing Our Latest Investment: Narmi
I am thrilled to announce our newest investment in Narmi, a company providing an innovative, comprehensive digital banking suite for banks and credit unions across the United States. We believe that Narmi’s solution is a blue-chip digital banking platform in the industry and its multi-product platform is expected to help transform a large part of the banking industry.
Narmi’s customer base is a key part of the fabric of our country. These banks and credit unions serve hundreds of millions of consumers and businesses, empowering people to buy their first home, start businesses or simply cash checks without paying high fees. We believe the entire country can thrive when Narmi’s customers thrive.
One major challenge financial institutions (“FIs”) face is delivering the kind of modern digital banking experiences that consumers have come to expect. They tend to lack the engineering talent or budgets needed to build offerings commensurate with consumer expectations. A lacking digital presence can make it harder to acquire and retain customers, scale operations, grow deposits, and resonate with younger, digitally native customers.
Enter Narmi, which enables banks and credit unions of all sizes to offer a digital experience on par with the largest banks and some of the most innovative neobanks. The company differentiates itself with a scalable digital account opening solution and digital banking front-end that powers a modern UX for the FI’s end customers. FIs can tailor the experience to fit their brand using Narmi’s marketplace, where customers can pull in services such as credit reporting (Array), bill payment (PayVeris), PFM (MX), card issuing, loan origination, insurance, and many others from today’s innovative fintechs to create truly bespoke experiences. Narmi’s goal is to enable its customers to confidently have a digital-led growth strategy – which we believe will be critical to the next 20 years as a financial institution.
Narmi’s founders, Nikhil Lakhanpal and Chris Griffin, bring a wealth of experience, and I am excited to work alongside them. We all share an alma mater in Georgetown. Together, they served as the CEO and CTO of the largest student-run financial institution in the country at Georgetown. It’s rare to have a founding team that formerly ran a financial institution and then had the ability to start a technology company to address one of the biggest pain points they faced – digital-led growth. We’re excited by their founder-market fit and are not surprised they are building a transformative company.
I am excited and humbled that they are including Greycroft and me on the Narmi journey.