RALEIGH, N.C.–Catalyst Corporate FCU here has become the latest to make a $500,000 investment in Constellation Digital Partners here.
Constellation, a CUSO initially launched by Coastal FCU and a number of other credit unions and CU organizations, has raised more money than any other credit union start-up with approximately $29.5-million raised.
Constellation is seeking to build an open digital banking platform for credit unions that it says will make it possible for credit unions to access resources needed to provide the digital services members want.
As CUToday.info reported here, the company rolled out its first release, Aquarius, in February of this year. It has said two more software releases are to follow in 2018.
In a statement, Catalyst Corporate – which serves 1,400 credit unions nationwide – said it has been involved and closely monitoring the onboarding of the company’s investors and partners since it was launched.
“Working together with fintech developers on an open development platform allows credit unions to overcome many of the constraints faced in the past on competitors’ legacy technology systems,” said Catalyst Corporate CEO Kathy Garner in a statement. “For Catalyst Corporate, working with Constellation is an opportunity to leverage the investment we’ve already made in TranZact, our members’ account management platform, and TranzCapture, our deposit capture platform. TranzCapture was built from the ground up to integrate easily, and it aligns well with the Constellation platform.”
CUToday.info has additional reporting on Constellation and its model here.