Narmi

Narmi is a New York City-based financial technology company that supplies a digital banking platform to community banks and credit unions in the United States. Its Narmi One platform spans consumer and business digital banking (Narmi Banking), consumer and business digital account opening (Narmi Grow), instant payments over the FedNow Service (Narmi Now), a fraud prevention suite (Narmi Guard), an administrative and back-office console (Narmi Command), an API-driven open platform (Narmi Open), lending (Narmi Lend) and agentic AI functionality (Narmi AI). The platform also includes analytics dashboards and reporting, personal financial management and automatic savings tools.

The platform is API-driven and built around an abstraction layer that sits on top of an institution's core banking system, with stated integrations to cores including FIS IBS, FIS Horizon, Symitar, Fiserv Premier, Fiserv DNA and COCC. Third-party capability is extended through the Narmi AppXchange marketplace, open APIs and the Narmi Application Framework. Narmi states more than 200 tools and features, single-tenant architecture with siloed databases, AWS hosting, 24/7 support and uptime above 99.99%.

Customers named in company and press materials include Grasshopper Bank, First Internet Bank, Arrowhead Credit Union, Berkshire Bank, LendingClub, Twinstar Credit Union, University Credit Union, Freedom Credit Union, Evergreen Bank, Magnolia Bank, Beacon, FOCUS Bank, First Citizens FCU, Greater Alliance Federal Credit Union, Clark County Credit Union and Outdoor Bank. The company reports deployments at institutions with hundreds of billions of dollars in deposits and says it has moved billions of dollars and opened hundreds of thousands of accounts since founding.

Founding story

Co-founders Nikhil Lakhanpal and Chris Griffin previously ran a community financial institution as CEO and CTO, where they found delivering a competitive digital experience difficult: user experiences were sub-par and integrations took months or years. After later working at large banks, they concluded the shortage of scalable, best-in-class digital tools for community financial institutions was industry-wide, and recruited engineering talent to found Narmi. Lakhanpal previously worked in investment banking at Citigroup and graduated from Georgetown University; Griffin's background spans work as a teller and engineering and trading roles at major financial institutions.

Business model

Narmi licenses its digital banking software to community banks and credit unions, which deploy it to their own consumer and business customers. Institutions can begin with a point solution such as digital account opening and expand into the full Narmi One platform, with additional modules for payments, fraud prevention, back-office administration, analytics, lending and AI capabilities available as further adoption. Investors have highlighted the company's ability to secure significant contract sizes with limited cash burn and to upsell new product modules into its existing customer base.

Revenue comes from financial institutions paying for Narmi's software platform and its individual modules, with growth driven both by new institution wins and by upselling additional product modules to existing customers.

Traction

Narmi reports 542,000 active users on Narmi Banking, an average deposit of $3.2K from approved consumer applications and an average app rating of 4.6/5. Company materials cite consumer accounts opened in about 2.5 minutes, uptime above 99.99%, and outcomes including a 50% decrease in support volume, a 63% cut in support response times, a 55% increase in new account applications from non-account holders, a 137% increase in app store rating and 4x account growth. Evergreen Bank is reported to have seen a 112% increase in approved applications, a 94% increase in total deposits and a 73% increase in monthly ACH transfer volume over twelve months. Headcount is listed at 140 employees.

Latest developments

Narmi's product line has expanded to include Narmi AI for agentic AI capabilities, Narmi Lend, Narmi Now for FedNow instant payments and Narmi Analytics, alongside recent feature releases such as a high contrast accessibility mode and check autofill. Customer deployments highlighted by the company include First Citizens FCU using AI in secure messages for translation, Greater Alliance Federal Credit Union going live with push provisioning for Apple Pay and Google Pay, Outdoor Bank generating $300K of new deposits from a marketing campaign, and FOCUS Bank rebuilding account opening on Narmi Grow. The company continues to hire across engineering, sales, design, finance, product and customer success in New York.