VyStar earmarks $10M for fintech investments
VyStar Credit Union in Jacksonville, Fla., plans to invest $10 million in fintechs that work with the credit union industry.
Earlier this year, the $8.7 billion-asset institution invested $1.25 million in PayverisCU, a digital payments credit union service organization. VyStar is already seeing value from that deal and is now seeking additional investment opportunities, the credit union said on Tuesday.
"Partnering with fintech companies is an important strategy for VyStar to ensure we are delivering industry-leading solutions," Chad Meadows, chief operations officer, said in a press release. "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."
By making these investments, VyStar is able to implement innovation strategies learned from others, Joe Colca, senior vice president of digital experience, said in the press release.