MALVERN, Penn.–Three credit unions have made investments in AKUVO, which offers credit risk and delinquency management solutions.
Making the investments as part of a round of new funding were VyStar Credit Union in Florida, BCU in Illinois and Reseda Group, a wholly-owned CUSO of MSU Federal Credit Union in Michigan. The funding will be used to further develop Aperture, the company’s innovative collection and credit risk platform, according to the company.
In a statement, the $12-billion VyStar said it regularly seeks out fintech organizations that can provide best-in-class products and services to its members, as well as investment opportunities for the cooperative.
“VyStar works to improve the lives of our members and the communities we serve,” said Eric Weatherly, SVP-loan administration at VyStar Credit Union. “Investing in AKUVO will allow us to be a greater force for change for our members and the credit union community.”
Jim Block, EVP, COO at the $5.5-billion BCU, added, “Our goal is to empower members to discover financial freedom, and I am optimistic AKUVO’s data science solutions will help us accelerate our ability to do just that. We anticipate rapid growth over the next decade, and the Aperture platform has the promise to scale with our membership.”
Maximizing Recoveries
Reseda Group, a CUSO of the $6.8 billion MSUFCU, completed its second round of AKUVO funding with the new investment. Headquartered in East Lansing, Mich., the CUSO first invested in AKUVO in January 2022 while MSUFCU also signed on to use Aperture.
“AKUVO’s Aperture platform will change the way we provide members with individual credit solutions that maximize recoveries. Aperture’s data-based decisioning also ensures we meet regulatory and legal requirements,” said Jim Hunsanger, chief risk officer for MSUFCU and its CUSO, Reseda Group. “We’re excited to be an AKUVO client and early investor.”
All three credit unions will have a representative on AKUVO’s Advisory and Product boards as a result of their investment position, according to the company.
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