“It helps these startups get off the ground running,” Araujo said.

During its first year, DCU CoE provided services to four startups – Elsen, Stock Rover, Blueleaf and Trotter (formerly Socrex).

Elsen, a platform for investors, raised $400,000 this past winter and moved into its own office located within walking distance of DCU CoE. CEO and Founder Zac Sheffer said he brought Elsen to DCU CoE to learn from seasoned professionals at DCU, and have the opportunity to connect with peer startups for ideas and inspiration.

“During our time at DCU CoE, we were able to build strong relationships with the other startups in the space and bring Elsen closer to where we'd like it to go,” Sheffer said.

Though Elsen has moved on from DCU CoE, its team remains connected to the Workbar Network and serves as an office space host for other Workbar members.

“We love to see companies such as Elsen succeed,” Araujo said. “Their success is our success and they exceeded every expectation we had when we launched this venture.”

Now in its second year, DCU CoE has sharpened its program objectives.

“Startups at the CoE are sophisticated enough to know exactly who within DCU they need to meet to take the right steps forward,” Araujo explained. “This year, we're putting special emphasis on relationship building with relevant department heads within DCU, so that startups will find maximum value.”

“To have the support of an industry leader such as DCU is a huge leg up for the startups within the Workbar community,” Workbar CEO and Founder Bill Jacobson said. “We are thrilled at the success of the first year's participants and look forward to seeing the next seven DCU CoE companies thrive.”

The ideal DCU CoE candidates are innovative startups that are planning for growth in the financial services industry areas of mobile payments and technology, lending and financial education. In spring 2015, 15 businesses vying for space in the incubator submitted their applications, from which DCU CoE selected seven new participants.

“These startups are in various stages, mainly in their early stages, but they are in similar situations in terms of what it takes to get a startup underway in financial services,” Araujo pointed out. “Because they are all in the startup phase, they have similar challenges; it is definitely a great blend.”

The seven financial services startups, which began working in the space on June 1, represent diverse sectors of the fintech industry. They are:

• AlphaPack, which helps individuals design data-driven investment portfolios;

• Arbitrage Ed, a creator of personal finance and investment education tools;

• Bullseye, a mobile application with a private group chat feature, which helps individuals evaluate investment opportunities;

• Collective Capital, a real estate investment firm that raises capital online, and analyzes and vets deals based on the company's proprietary algorithms;

• CurrencyDoc, a mobile app-powered, multi-currency, prepaid card provider;

• Katapal, which helps small- and medium-sized businesses raise capital and attract new customers, using store credits as a financial instrument in lieu of traditional debt and equity;

• QuantUniversity, an analytics advisory that provides strategic solutions and executive education to help clients build better business quantitative models in the financial industry.

The application process for the next group of DCU CoE participants is currently underway and runs through Aug. 15; five to six candidates will be selected to move into the space on Sept. 1.

“Every three months, we will have another new cohort coming into the space, which will keep the community fresh and vibrant,” Araujo said, adding that some companies' stays will overlap.

He added, “We haven't launched a product or service from the incubator, but we've established some really good dialogue and will continue to have discussions with them as they grow, to see if there is an opportunity for us.”

So what motivated DCU to get involved with entrepreneurs in the first place?

“From a DCU perspective, we are unique in regard to what we try to bring to our members,” Araujo stated. “From an innovation perspective, we try to be on the cutting edge of technology.”

Araujo explained DCU began running internal innovation contests about six or seven years ago, which enable employees to present their unique ideas to the credit union's leadership team.

“We pick two or three winners annually with new ideas we can bring forward as a product or a service,” Araujo said of the contest program.

Over the last year, DCU has also supported the local fintech community by sponsoring a launch event for FinTech Sandbox; hosting startup companies from the United Kingdom who gave 60-second pitch presentations to venture capitalists; sponsoring monthly fintech meetings in Boston and hosting the Boston Young Entrepreneurs' monthly meeting.

DCU does not invest in nor act as a venture arm for the startups it supports.

“We are simply there for support,” Araujo said. “What is important for this initiative, for DCU and for the industry as a whole is that it is showing that credit unions can truly participate in the entrepreneurial community.”

DCU serves more than 500,000 members in 50 states and offers a full range of financial services to consumers and businesses, including banking, lending, financial management, insurance and realty.

DCU's own innovative technology centers on mobile banking and includes wallet and watch solutions. Just recently, DCU enabled its account opening process for mobile devices.

“When we look at doing anything at the credit union, it is a mobile-first thought process,” Araujo said.