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The payments CUSO PSCU announced on Tuesday that its board of directors approved an additional investment into PSCU's digital banking company, Lumin Digital, of $54 million.
In a statement from PSCU, the CUSO said the new investment will be dispersed over the next three to five years, bringing the total investment by PSCU in Lumin Digital to $125 million.
"With the accelerated shift to digital and the evolving preferences of consumers, we are excited to further our investment in Lumin Digital to meet demand and enable continued growth," Chuck Fagan, president/CEO of PSCU, said. "This additional investment, along with the ongoing investments we continue to make in our core programs, are squarely aligned with our strategic priorities of optimizing digital experiences, growing member engagement and providing industry-leading security solutions, all while delivering an unparalleled experience."
The new investment will be used to enhance Lumin Digital's "ability to elevate its industry-leading platform for retail and business banking, including advanced features such as online account opening and other capabilities," the announcement stated.
The cloud-native digital banking company, Lumin Digital, was launched in April 2018 and serves 23 credit unions on its platform.
"Lumin Digital enables financial institutions to provide consumers with a highly personalized and engaging digital banking experience. Digital payments and card management are two essential capabilities that we offer our clients and their members. Lumin's tight integration with PSCU's platform and other crucial products and services gives accountholders access to a wide variety of powerful card features," Jeff Chambers, president of Lumin Digital, said. "This investment is a testament to the positive impact that Lumin is making for financial institutions. Our continued partnership with PSCU and the additional investment approved by the board of directors will further fuel product innovation and platform automation that will help our clients take their digital offerings to the next level."
"PSCU's board of directors is confident that this additional investment will further enable credit unions to compete in today's market, deliver an exceptional experience for their members and contribute to their sustainable growth," Sean Rathjen, chair of PSCU's board of directors and president/CEO of Consumers Credit Union headquartered in Gurnee, Ill., said. "We are proud to further accelerate the growth of Lumin Digital, which has been an incredible success over the past three years."
PSCU stated that it expects to announce more investments into Lumin Digital in the near future.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
