Bank and credit union software company Nymbus Inc. announced Oct. 5 it will move its corporate headquarters from Miami Beach to the VyStar Credit Union corporate campus in Downtown Jacksonville.
Nymbus Chairman and CEO Jeffery Kendall discussed the corporate move during a news conference outside the JAX Chamber offices Downtown.
The news conference announced Nymbus as the previously code-named Project End Game, which was approved for $4.53 million in state and city tax dollars to create fintech jobs in Jacksonville.
Kendall said the decision started by deciding how to create a partnership with VyStar beyond the credit union’s $20 million financial investment in the fintech company.
“And that meant actually being in the same office together, being shoulder-to-shoulder having those daily conversations,” Kendall said after the news conference.
“We love the fact that we’re just an elevator ride away from some of our key products and capabilities that we’re launching with VyStar,” he said.
VyStar CEO Brian Wolfburg; JAX Chamber President and CEO Daniel Davis; JAXUSA Partnership President Aundra Wallace; City Council President Sam Newby; and CareerSource Florida Senior Director of Business and Workforce Development Dehryl McCall also attended the event.
Kendall said discussions began in January or February with VyStar about moving the Nymbus headquarters to the credit union’s Downtown high-rise.
In April, VyStar announced the $20 million investment in the Nymbus Credit Union Service Organization.
VyStar has invested $40 million in fintech companies through a fund it created in 2019, said VyStar Chief Member Experience Officer Joel Swanson.
Two VyStar executives also are part of the Nymbus leadership.
Swanson is a member of the Nymbus board of directors, and VyStar Senior Vice President of Digital Experience Joe Colca was named to the Nymbus CUSO board of directors in August.
Swanson spoke about VyStar’s portion of the announcement Oct. 5.
Council approved $1.83 million in financial incentives in August to lure the Nymbus headquarters from Miami Beach to and create jobs in Downtown Jacksonville.
As Project End Game, Nymbus told the city it would bring 673 jobs to Duval County. Kendall said that will include relocation of existing employees and hires.
State workforce policy board CareerSource Florida said it would contribute $2.692 million through its Quick Response Grant program to help Nymbus relocate and expand in Jacksonville.
Nymbus is hiring in Jacksonville, which Kendall said will be a mix of customer service and “high-paying” software engineering and technology jobs.
According to city documents, the 673 positions will have an annual payroll of $65.2 million, which averages $97,000 per job.
Swanson said after the news conference that Nymbus and VyStar’s goal is to have all 600-plus jobs working from VyStar’s corporate campus at 76 S. Laura St. Downtown.
Nymbus has started moving into 4,000 square feet of space in the VyStar Tower and the credit union will give it more space as it becomes available, Swanson said.
VyStar COO Chad Meadows said after the news conference Nymbus will occupy the 13th floor of the credit union’s tower. VyStar also owns 100 W. Bay St. next door.
Meadows said Nymbus will be taking the entire floor, roughly15,000 to 17,000 square feet.
According to Swanson, depending on the growth of both organizations, the partnership could contribute to a possible expansion of VyStar’s real estate holdings in Downtown Jacksonville.
“Our buildings are already pretty much tapped out between the VyStar employees and leased space,” he said.
“But as leases come up and space becomes available, we are starting to expand and we’ll be giving them (Nymbus) more space as they grow.”
Kendall said Nymbus also will maintain corporate office space in Columbus, Ohio, but eliminate its physical presence in Miami Beach.
The fintech company advertises itself on job posts as a “remote-first company.”
Kendall said Nymbus needs to maintain that flexibility to remain competitive as an employer, but basing Nymbus operations near a lead investor and client like VyStar was part of a strategy for better collaboration.
Kendall said employees wanted “office space to collaborate when needed but then also be able to have the flexibility of working from home when they want.”
He said all Nymbus customers are U.S. banks and credit unions, but the company employs globally.
Nymbus has more than 400 employees with about 250 U.S.-based and its remaining workforce works remotely in multiple countries, Kendall said.
Fintech ‘ecosystem’
The Nymbus decision to relocate to Jacksonville is the latest in a string of fintech companies moving or expanding in the city.
Companies including Fidelity National Information Services, SoFi and Dun & Bradstreet also expanded in Jacksonville.
Swanson said the Nymbus/VyStar partnership will contribute to a growing fintech “ecosystem of talent” in Northeast Florida.
“The job market, especially in the fintech space or tech space in general, is so hard to attract top talent,” Swanson said.
Kendall said Nymbus intends to hire in Northeast Florida and recruit fintech workers to move to the area.
“Jacksonville is a great place for people to move and go to already. You have a low cost of living, great quality of life, a wonderful place to live,” he said.
McCall said during the news conference that the CareerSource grant will help fund a “customized talent solution,” working with the Chamber and other local entities, to help Nymbus and other fintech companies recruit employees to Northeast Florida.
Beyond investment
In addition to moving into VyStar Tower, Swanson said Nymbus will rebuild the credit union’s online banking platform for individual and corporate members.
Swanson said testing begins next week and the new platform likely will launch in early 2022.
Jacksonville-based Vystar said in March that the acquisition of Georgia-based Heritage Southeast Bank will make it the 13th largest credit union in the country with 850,000 members in Georgia and Florida, 88 branches and $12.5 billion in assets.
Swanson said Nymbus software enables community credit unions and banks to use an all-in-one platform instead of trying to integrate multiple financial software systems.
He said Nymbus can help credit unions and small banks be more efficient and competitive with larger national and global banks.
“This is fundamentally changing how community banks and credit unions deliver technology,” Swanson said.
“That’s what is so important about this. It (Nymbus) simplifies it (banking software), and makes it easier, cheaper to deliver, more efficient, lower cost to operate and, ultimately, lets you focus less on technology and more on your customers.”
Editor Karen Brune Mathis contributed to this report.
