RALEIGH, N.C.– Constellation Digital Partners is reporting a Class C investment of $500,000 from CU Solutions Group, a CUSO based in Livonia, Michigan.
Constellation founder and CEO Kristopher Kovacs closed the investment with Dave Adams, president and CEO of CU Solutions Group. CU Solutions Group, a unit of the Michigan Credit Union League, has more than 100 investors and 3,400 clients nationwide.
Constellation Digital Partners is a CUSO launched by Coastal Credit Union in Raleigh North Carolina that is building what it has described as a “revolutionary software platform that will transform the future of digital banking for credit unions and members.” The company has been seeking to raise what would be a record capital raise for credit unions, $28-million, in 2017, and was featured in CUToday.info here.
Constellation reported the investment from CU Solutions Group marks the 12th investment made since launch in May. It plans to have its first product launched by the end of the year.
Constellation said it is building out its cloud-based financial services marketplace and platform that will allow credit unions and members to choose which services to use inside of a secure banking experience.
“Member expectations are very high when it comes to mobile experiences. Right now, credit unions aren’t delivering and Constellation will finally change that for our entire industry,” said Kovacs in a statement. “CU Solutions Group understands that mobile banking platforms currently limit a credit union’s ability to innovate far too often. Constellation breaks these barriers by replacing a credit union’s existing platform with an open, versatile solution, while CU Solutions Group’s LifeSteps Wallet services and content provide the perfect extension to the legacy online and mobile banking experience.”
To date, nine other credit union partners have invested, including Coastal Credit Union, Teacher’s Credit Union, CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union, Kinecta Federal Credit Union and Nusenda Credit Union.
In addition to CU Solutions Group, CO-OP Financial Services and CUNA Mutual have also invested in Constellation.
“CUSG is dedicated to enhancing mobile services delivery for credit unions, most recently with the launch of our LifeSteps Wallet product,” said Adams. “As a mobile application developer, we are excited to leverage opportunities to collaborate and integrate our technology solutions with the Constellation platform.”