BALTIMORE, Md.–Four organizations, including three CUs, have invested $5 million in Think|Stack, a cloud and cybersecurity firm that specializes in credit unions, forming a CUSO.
The investors include CUSG, Christian Financial Credit Union, Mutual Credit Union and Liberty Savings FCU.
In a statement, the organization said as credit unions work to provide members with evolving digital experiences and data protection, the demand for cloud adoption and cybersecurity is growing. Strategic partners that can provide 24x7 cybersecurity services, help design technology, and deliver cloud expertise are important to supporting a credit union’s digital transformation journey, Think|Stack stated.
“For 10 years we were a small family business, two brothers and an amazing team of passionate rebels, helping credit unions with digital transformation and cybersecurity,” said Think|Stack CEO Chris Sachse. “With our deep credit union knowledge and technology expertise, we are uniquely positioned to understand industry threats, systems and the total technology ecosystem, to make sure credit unions are secure. This CUSO investment will allow us to expand delivery of our cyber and cloud services within the credit union industry.”
Think|Stack was founded in 2011, according to the company’s website, to meet the need for outsourced technology and cybersecurity expertise within the financial services space— particularly credit unions.
‘More Accessible’
“Credit unions are trusted organizations for our members. Maintaining that trust requires credit unions to become more and more accessible as interaction with members continues to move into digital spaces,” said Patty Campbell, president & CEO of Michigan-based Christian Financial Credit Union. “Our digital platforms should maintain the connection and humanity our members have always enjoyed. This means our vendors must understand CUs are different from other financial institutions. Think|Stack has been an accelerator for us to get where we want to go in our technology operations and security.”
How Capital Will Be Deployed
Sasche said the new CUSO’s expertise in AWS, Microsoft, Securonix and other key technology providers as well as its industry research project with Filene enable the company to help credit unions grow and innovate to better serve members.
Think|Stack said it will use the capital to hire new talent, improve its infrastructure and open locations and remote offices nationwide.