MALVERN, Penn. AKUVO, a CUSO that provides cloud-based analytics solutions and which specializes in collections and credit risk, has closed a $10 million investment round with funds from credit unions and CUSOs.
Among the investors in the new round are the $13.7 billion VyStar Credit Union of Jacksonville, Fla., the $5.8 billion BCU of Vernon Hills, Ill., the $5 billion Coastal Credit Union of Raleigh, N.C., and Reseda Group, a wholly-owned CUSO of the $7.3 billion MSU FCU of East Lansing, Mich.
In addition, new AKUVO investors include the $1.4 billion Launch Credit Union of Merritt Island, Fla., the $1.2 billion Financial Plus Credit Union of Flint, Mich., and the Curql Collective, the Des Moines, Iowa-based CUSO that invests in fintech.
“I’m humbled with the positive reception we’ve received since launching AKUVO and introducing the introduction of our Aperture collections and credit risk platform,” said AKUVO Founder Jay Mossman “Financial institutions see the value in using a data-driven solution that leverages advanced cloud technology that can utilize machine learning and natural language processing. Aperture significantly improves collection recoveries while also maintaining loyalty and elevating the account holder’s experience.”
AKUVO said it prioritizes service after the sale, and recently expanded its Customer Loyalty team which includes industry experienced advisors who help customers optimize Aperture to meet organizational goals and address ever-changing economic conditions.
‘Noble Pursuit, But…’
“We’re committed to ensuring every financial institution on the Aperture platform receives as much value as possible,” Mossman continued in a statement. “Growth is a noble fintech pursuit, but responsible growth supported by excellent service elevates us above the competition.”
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