AKUVO Lands CUSO Investment, Three New Clients
MSUFCU signs on as a client and its CUSO, Reseda Group, commits to funding.
AKUVO, a technology company providing portfolio risk and delinquency management solutions for credit unions, has received new funding from Reseda Group, a wholly-owned CUSO of the $6.7 billion, East Lansing, Mich.-based MSU Federal Credit Union, AKUVO announced Monday. The amount of the investment was not publicly disclosed.
In addition to the new funding, AKUVO kicked off 2022 with three new clients, including MSUFCU, which is the credit union serving Michigan State University and has over 320,000 members, and Credit Union of Colorado ($2.3 billion, Denver, 148,000 members). The name of the third client was not disclosed. All three new clients plan to leverage AKUVO’s flagship product, the delinquency management and portfolio analytics platform Aperture, which is cloud-based and designed to streamline day-to-day collection activities as well reduce delinquency using data and behavioral science tools like artificial intelligence, machine learning and natural language processing, according to AKUVO.
“We were really impressed by Aperture and its ability to increase the efficiency and effectiveness of our collections department. Particularly, the use of data and behavior-based analytics will change the way we interact with our members and potentially find new, untapped revenue opportunities,” Jim Hunsanger, chief risk officer for MSUFCU and Reseda Group, stated. “We truly enjoyed getting to know the team at AKUVO and are excited to not only become a customer but an active investor in the future of the company.”
Credit Union of Colorado SVP of Lending Chad Wilcox commented, “Utilizing solutions that will allow us to help our members is fundamental to our long-term strategy. AKUVO’s comprehensive delinquency management platform and commitment to enhancing the solution with key data and analytics tools will allow us to support our members now and in the future.”
In addition to Aperture, the Malvern, Pa.-based AKUVO’s offerings include ProAct, an analysis and monitoring solution for credit union loan portfolios, and consulting services in the areas of origination strategy, system administration, system configuration, collections strategy, API integrations and cross-sell analysis. Jay Mossman, who previously founded the loan origination software company Akcelerant, founded AKUVO in early 2020.