JACKSONVILLE, Fla.—VyStar Credit Union has created a $10 million fund designated for investing in fintech companies “looking to partner with credit unions to deliver innovative solutions.”
VyStar reported it recently invested $1.25 million in PayverisCU, a CUSO focused on financial wellness and innovative money movement capabilities. VyStar has already seen immense value from the investment since partnering with them to develop products and services specifically designed to help credit union members,” the credit union said.
Now, VyStar said in a statement it is looking for additional fintech investment opportunities.
“Partnering with fintech companies is an important strategy for VyStar to ensure we are delivering industry-leading solutions,” said Chad Meadows, executive vice president/chief operations officer. “As a result, VyStar’s goal through these partnerships is to find the like-minded fintech companies that are laser-focused on delivering value and ultimately the best experience for our membership.”
Learning Innovation Methods
Added Joe Colca, SVP-digital experience, “Investing in innovative companies allows VyStar to learn from and replicate pieces of their innovation methods. These partnerships also allow VyStar to truly have a seat at the table to help ensure the products and services provide the maximum benefit to credit union members.”
Meadows said that in addition to developing partnerships with fintech companies, VyStar is also looking to provide a positive financial return and that each investment will be carefully analyzed to ensure maximum value is returned and ultimately reinvested back into its members.
The credit union said fintechs seeking a potential investment should direct inquiries to Colca at colcaj@vystarcu.org or (904) 908-2885.
The $8.8-billion VyStar has approximately 667,000 members.