COMPANY

Name: Narmi

Legal Name: Narmi Inc.

Location: New York City, NY

Founded: 2016

Founder(s): Nikhil Lakhanpal, Chris Griffin

Website: https://www.narmi.com/

Social Media Following: 326 Likes on Facebook, 391 followers on LinkedIn

INDUSTRY – Fintech software

Size: $962,027 Mn (2019)

Projections: Estimated to grow to $15.72 Bn by 2022 at a CAGR of over 7%

Introduction

Narmi is a financial technology company based in New York City that develops customized digital banking platforms for 11,000+ financial institutions in the United States. The company provides an integrated product suite comprising solutions for online banking, mobile banking,
website redesign, and open banking APIs.

The Product

Narmi provides a white-labeled mobile and online banking platform to banks, credit unions, and regional and community financial institutions (RCFIs). Narmi develops platforms that serve as interfaces between these financial institutions and their end-users that help them manage their products and customers better. Focusing significantly on a mobile-first approach to its solutions, the company uses data analytics to enable consumers to make more informed financial decisions through an intuitive user interface. Further, Narmi also helps financial institutions build more effective marketing campaigns using data-based insights. Its platforms also allow financial institutions to curb instances of fraud by providing them a comprehensive view of each customer across various products.

Origin and Founding Team

Narmi was co-founded by Nikhil Lakhanpal and Chris Griffin, the former CEO and CTO of the Georgetown University Credit Union, the largest student-run financial institution in the United States. While being involved with the organization, they observed that the digital banking products used the majority of regional and community financial institutions was outdated. They also saw that these institutions were unable to retain and engage their customers due to the absence of a modern technology framework. This led Nikhil and Chris to start Narmi with the aim to offer a new-age digital banking platform to the country’s financial institutions.

Performance and Trends

Narmi has served around 11,500 financial institutions till date. Some of its most prominent mobile banking integrations have been for companies like Billshark, an app that helps customers negotiate and reduce their monthly recurring bills, and Lemonade Insurance Company, a property and casualty insurance company.