Several startups received a capital boost this week as investors funnelled millions of dollars into technology that automates and streamlines traditionally laborious manual processes. The startups’ technologies span digital banking platforms, SMB underwriting, corporate payments and consumer credit.

Here are the highlights:

Nymbus

Nymbus, a Miami-based company that offers digital banking tools, announced on Wednesday a $53 million Series C funding round led by Insight Partners. Nymbus streamlines the process for banks and credit unions to stand up digital banking capabilities, and ultimately helps institutions to launch and run a digital bank and establish an online presence. The company hinted at a “soon-to-be-unveiled” product called Nymbus Labs that aims to “systematically remove barriers for institutions to leverage niche digital banks,” although additional release details are thin.

The trend of banks and credit unions launching their own stand-alone, digital brands has accelerated in recent years: Jack Henry, Temenos, FIS, Mambu and Neocova all provide similar “digital bank in a box” products. Megabanks have bucked the trend, however; in January, BBVA boarded up challenger bank subsidiaries Simple and Azlo; JPMorgan Chase dropped bank app Finn one year after its launch; and Royal Bank of Scotland shuttered stand-alone personal finance app Bo.

Nymbus has raised $98.4 million over five rounds to date, according to Crunchbase.

Trade Ledger

Trade Ledger announced Tuesday it has raised $18.6 million in its Series A funding equity round led by Point72 Ventures. The London-based startup streamlines the underwriting process for small and medium sized businesses by analysing customer lifecycle and supply chain data, and automating funding, billing, disbursements and payments processes. To date, it has raised $22.9 million, according to the company.

With the new capital, Trade Ledger plans to grow out its sales, marketing and customer delivery teams with the goal of tripling its customer base in 2021, CEO Martin McCann said.

Mesh Payments

New York-based Mesh Payments raised $13 million Tuesday in a financing round led by TLV Partners. The 3-year-old startup aims to transform corporate payments by embedding cardless payment solutions into day-to-day organizational flow of SMEs. This approach enables full control and real-time visibility across departments, including IT, HR, marketing and finance, according to the company. The tech allows customers to set spending policies and limits; automatically manages receipts; and produces real-time reports on corporate payments. It has raised $13 million in total funding, according to Crunchbase.

The corporate payments space is ripe for automation, as Santander’s head of global transaction banking recently told BAN. The bank is working with fintech partners to further automate the accounts payable, receivable and invoicing processes as it continues to wrestle with paper payments.

TomoCredit

Investors also injected capital into another payments fintech, TomoCredit, which offers consumer credit cards designed to build credit history. The San Francisco-based startup announced a $7 million seed round on Wednesday, with participation from South Korea-based Kookmin Bank’s investment subsidiary, Barclays Ventures, and angel investors who include the former COO of Venmo and former head of finance at dating app Tinder. TomoCredit builds credit with a debit card model, with consumer payments automatically made on a seven-day schedule. TomoCredit cards are issued by Woodhaven, N.Y.-based Community Federal Savings Bank, which has $380 million of assets.

TomoCredit launched its first credit card product in summer2020, and garnered more than 300,000 applicants at its launch, nearly half of whom had been automatically pre-approved. According to Crunchbase, it has raised $7 million in total.

Bank Automation Ignite, taking place April 13-14, 2021 as a virtual experience, is the event for inspiring automation initiatives and investment in financial services. Formerly the Bank Innovation Ignite conference, this new focus creates an event where financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register for the event at www.BankAutomationIgnite.com.