6 CUs & CUSO Envisant Invest $6.8 Million in Tech CUSO Pure IT

Technology CUSO Pure IT Credit Union Services received $6.8 million in capital from six new and existing credit union investors and fellow CUSO Envisant, Pure IT announced Wednesday.

According to the announcement, the investment will allow Pure IT to expand its services and in turn help more credit unions compete for and serve more members. The Cypress, Texas-based CUSO’s work is focused on vendor-agnostic technology strategy, continued improvement projects and support for credit unions.

The participants in this round of funding were: Existing investor Lone Star Credit Union ($166 million, Dallas); Union Square Credit Union ($587 million, Wichita Falls, Texas), an existing investor that increased its ownership of Pure IT during this round; existing investor DEXTA Credit Union ($412 million, Wilmington, Del.); existing investor People’s Trust Credit Union ($524 million, Houston); new investor Linn Area Credit Union ($596 million, Cedar Rapids, Iowa); new investor Ardent Credit Union ($860 million, Philadelphia, Pa.) and Envisant, a CUSO and service organization of the Illinois Credit Union League, which offers services in the areas of cards, collections, training and strategic planning, among others.

“What bigger compliment can you have than your own clients investing in you? We were humbled by this generous investment and wear the CUSO badge seriously,” Pure IT CEO and Co-founder Jack Smith stated. “As our credit union industry continues to mature and evolve, our mission is to help the industry achieve maturation and evolution to stay relevant and serve even more members. We’re excited about the future and how this new venture will help more credit unions succeed like never before.”

In other credit union industry investment news, Allied Solutions, a provider of insurance, lending, risk management and data driven solutions for banks and credit unions, announced Wednesday that it invested in lending technology CUSO Rate Reset.

The Carmel, Ind.-based Allied did not disclose the amount of the investment, which officially closed on June 3. Allied will also fill a seat on the Washington, D.C.-based Rate Reset’s board, it said.

Rate Reset offers a digital loan management and initiation platform that can be used by both credit union members and bank customers.

“This is our fourth technology investment in the last 18 months and a key piece we needed to advance Allied’s aggressive digital growth strategy,” Allied Vice President of Digital and Data Strategy Michael Bryan stated. “Rate Reset’s digital selling platform has demonstrated success in the financial institution space, and combined with our data science capabilities and robust product offerings, we can expand the digital solutions we provide to our clients and ultimately grow their business and bottom line.”

Rate Reset CEO Keith Kelly added, “Allied Solutions is a proven innovator in financial services. As Rate Reset initiates its next phase of growth, we are pleased to expand our existing strategic relationship. Through this new strategic investment, we will leverage the many strengths that Allied and its affiliates bring to the industry to capitalize on exciting new opportunities and advance a shared vision for Rate Reset’s future.”