Recent investments -- including one from Mission Federal Services LLC, a credit union service organization of $3.5 billion-asset Mission Federal Credit Union -- have helped push Constellation Digital Partners LLC beyond its $27 million funding goal.
Kristopher Kovacs, Constellation’s founder and CEO closed the investment May 30 with Ron Araujo, president of Mission Federal Services, and as a result Constellation now holds $32.5 million in capital. Further credit union investment opportunities with the CUSO are now closed.
“We are investing in Constellation because it is a cutting-edge future solution that will help transform credit union members’ mobile and online banking experiences by providing them with choice and flexibility that are unparalleled in the credit union industry,” said Araujo. “As an increasing number of credit union members choose technology to meet their banking needs, especially on mobile devices, the platform will allow them to enjoy a highly personalized experience. Constellation will help credit unions keep up with their members’ needs as they continue to evolve.”
Constellation’s platform aims to make it possible for credit unions to access resources needed to provide the digital services members want.
“Credit unions take pride in providing members with financial services that help them reach their goals,” said Kovacs. “Our goal is to put the member experience back in the center of every credit union’s strategy. So, we’re very excited that we’ll be able to help credit unions provide their members with innovative digital features and services to help them reach those goals.”
Fifteen other CUSOs, credit unions and partners have also invested in Constellation, including; Coastal Credit Union (based in Raleigh, N.C.; $3 billion in assets); Teachers Credit Union (South Bend, Ind.; $3.2 billion); CFCU Community Credit Union (Ithaca, N.Y.; $1.1 billion); Meritrust Credit Union (Wichita, Kan.; $1.3 billion); Farmers Insurance Federal Credit Union (Los Angeles; $835 million); Georgia’s Own Credit Union (Atlanta, $2.4 billion); Affinity Federal Credit Union (Basking Ridge, N.J.; $3.1 billion); Kinecta Federal Credit Union (Manhattan Beach, Calif.; $4.3 billion); Vizo Financial Corporate Credit Union (Greensboro, N.C.; $4 billion); TwinStar Credit Union (Lacey, Wash,; $1.3 billion); Nusenda Credit Union (Albuquerque, N.M.; $2.2 billion); Catalyst Corporate Federal Credit Union (Plano, Texas, $2.3 billion); CU Solutions Group, CO-OP Financial Services and CUNA Mutual Group.