MIAMI–Several CUSOs have announced investments by credit unions.
In Miami, technology provider Nymbus CUSO said Jacksonville, Fla.-based VyStar Credit Union has invested $20 million to get the CUSO, which was founded in March 2021, off the ground.
“VyStar understands the challenges faced by the credit union industry, and we work diligently to identify the right partners like Nymbus that can deliver the disruptive solutions needed to help them thrive in today’s competitive environment,” said Chad Meadows, EVP/chief operations officer at VyStar.
VyStar said in a statement it has a focus on partnering with fintech CUSOs through meaningful investments. “Today’s record investment speaks volumes to the confidence VyStar has placed in this new CUSO,” said Joel Swanson, chief member experience officer at VyStar. “Nymbus has come up with an entirely new approach for credit unions to innovate quickly for members that incorporates a truly sustainable growth strategy.”
Added Nymbus Chairman and CEO Jeffrey Kendall, “Based on the overwhelming response that Nymbus CUSO has already received in the market, we clearly address an overlooked opportunity for helping credit unions play to their strengths and make serious growth gains without breaking their technology budget. We’re thrilled to collaborate with VyStar in the effort, which is now accelerated with this considerable investment.”
CU of Denver Makes Investment
Separately, Sandy, Utah-based Connect Financial Software Solutions, a CUSO that provides enterprise digital banking services, reported the $1-billion Credit Union of Denver has invested in the CUSO. CU of Denver has been a long-time client of Connect.
CU Denver joins Altra Credit Union, City & County Credit Union, Summit Credit Union, Knoxville TVA Employees Credit Union, and Wescom Credit Union (via Wescom Resources Group) as investors in the CUSO, Connect said.
“The investment from Credit Union of Denver will help Connect to further escalate the pace of product development,” Connect said. “Connect has over 75 credit union clients using its digital banking, new account opening, and lending software platforms, and the company strives to continually stay ahead of the evolving needs of the industry.”
Adding Talent
Adding more talented resources to its team will enable the company to bring new technology innovations to market faster for Connect’s current and future credit union clients, the CUSO added.
“Product advancement and innovation within our digital banking software suite are important focal points for Connect,” says Grant Parry, president & CEO. “This capital investment from Credit Union of Denver will help well position Connect to accelerate our pace for delivering product advancements. We look forward to helping our clients more rapidly expand and advance their digital banking capabilities for their members, providing more convenience than ever.”