Two Credit Unions, One CUSO Invest in Fintech AKUVO
MSUFCU’s CUSO, VyStar CU and BCU fund the credit risk and delinquency management solutions provider.
VyStar Credit Union ($12.3 billion, Jacksonville, Fla.), BCU ($5.4 billion, Vernon Hills, Ill.) and Reseda Group, a wholly-owned CUSO of the $6.8 billion, East Lansing, Mich.-based MSU Federal Credit Union, participated in a new round of funding for AKUVO, the fintech organization announced Wednesday.
AKUVO, which is based in Malvern, Pa., and specializes in credit risk and delinquency management products and consulting services, said the investment will be used to further develop Aperture, its delinquency management and portfolio analytics platform. The financial terms of the investment were not disclosed.
This represented the second round of funding from Reseda Group, which announced its first investment in the fintech at the end of January.
AKUVO also said that as a result of the new investment, each credit union/CUSO will have a representative on its advisory and product boards.
“VyStar works to improve the lives of our members and the communities we serve,” Eric Weatherly, SVP, loan administration for VyStar, stated. “Investing in AKUVO will allow us to be a greater force for change for our members and the credit union community.”
The cloud-based Aperture is 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.
Jim Block, EVP and COO at BCU, stated, “Our goal is to empower members to discover financial freedom, and I am optimistic AKUVO’s data science solutions will help us accelerate our ability to do just that. We anticipate rapid growth over the next decade, and the Aperture platform has the promise to scale with our membership.”
And Jim Hunsanger, chief risk officer for MSUFCU and Reseda Group, commented, “AKUVO’s Aperture platform will change the way we provide members with individual credit solutions that maximize recoveries. Aperture’s data-based decisioning also ensures we meet regulatory and legal requirements. We’re excited to be an AKUVO client and early investor.”