RALEIGH, N.C.—Constellation Digital Partners, LLC, the CUSO that has raised more start-up funds than any other, announced it has received a $3-million investment from TwinStar Credit Union in Washington.
The stake marks the 13th investment made in Constellation Digital Partners, which is in the process of rolling out what it is calling a “revolutionary software platform.” With the $1.3-billion TwinStar’s investment, Constellation has now reached $29 million in total capital raise. Investment opportunities in the CUSO will be closing soon, it said. “TwinStar is an excellent partner for us and we truly value their investment in our platform,” said CEO Kristopher Kovacs. “Along with them, we will be able to take Constellation to the next level for credit unions and members everywhere. Constellation is uniting fintechs and credit unions together to bring our digital services platform to market and TwinStar is helping bring our vision to life.”
Constellation Digital Partners was launched by Coastal Credit Union and a group of other CUs in May of 2017 that now number more than 100. As CUToday.info reported, it has now released its first solution, called “Aquarius.”
Constellation said it is the first and only open digital banking platform for credit unions that allows service providers to create different services and add them into the platform through a marketplace-style interface. “Then, credit unions can choose which services to offer members through the platform,” the company said.
At its core, Constellation said it makes it possible for credit unions to have access to the resources needed to provide the services members want.
‘World Class Mobile App’
“At TwinStar, we want to offer members a world-class mobile app that really wows,” said CEO Jeff Kennedy. “We know it’s a fast change of pace in the digital space, so we need to keep upgrading and improving our member experience. Meeting member needs as they evolve is the single most important aspect of our service goals. Constellation will allow us to do just that.”
Constellation said two additional software releases are planned for this year. In March, Constellation hosted its first developers conference where fintech developers were able to start creating services, integrating them and connecting them.
Ten other credit union partners have invested in Constellation, 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, Vizo Financial Corporate Credit Union and Nusenda Credit Union. CU Solutions Group, CO-OP Financial Services and CUNA Mutual have also invested in the platform.