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Conversational AI platform provider Posh Technologies received a $4.15 million capital injection from 12 credit unions into its CUSO, the fintech announced Wednesday.
The investment represented the third round of funding for its CUSO, which formed in May 2021 and is comprised of Posh investors and clients. It also came on the heels of a December 2021 $27.5 million Series A round from a group of investors that included Curql Fund, the venture capital fund of the fintech innovation-focused CUSO Curql Collective, as well as the venture capital arm of CUNA Mutual Group.
The following credit unions participated in the latest round:
- MIT Federal Credit Union ($754 million, Lexington, Mass.)
- One Nevada Credit Union ($1.2 billion, Las Vegas)
- Together Credit Union ($2.2 billion, St. Louis, Mo.)
- Interra Credit Union ($1.6 billion, Goshen, Ind.)
- Clearview Federal Credit Union ($1.7 billion, Pittsburgh, Pa.)
- Metro Credit Union ($2.6 billion, Chelsea, Mass.)
- Red River Credit Union ($1.3 billion, Texarkana, Texas)
- Tucson Federal Credit Union ($670 million, Tucson, Ariz.)
- Citadel Credit Union ($4.8 billion, Exton, Pa.)
- IC Federal Credit Union ($590 million, Fitchburg, Mass.)
- Advancial Federal Credit Union ($2.2 billion, Dallas, Texas)
- Educators Credit Union ($3.1 billion, Racine, Wis.)
Posh noted that two of these investors, One Nevada and Together, are Posh clients and participated in previous investment rounds.
"We are constantly learning and growing with our credit union partners, and we are thrilled to welcome a diverse group of investors into our CUSO," Karan Kashyap, Posh's co-founder and CEO, stated. "Our voice-and-digital conversational AI has been verticalized to understand and serve credit union members with friction-free service. These partnerships will continue to benefit the industry as a whole."
Anand Solanki, CFO for investor Citadel, stated, "Citadel is excited to not only invest, but also use Posh as a partner for process automation. Posh is simple to use for members and easy to implement for credit unions. We see a lot of potential for credit unions to benefit from scalable technology that not only helps in improving member experience but also with efficiency."
MIT FCU President/CEO Rui Domingos added, "MIT FCU is excited to have made an investment in the Posh CUSO. As our members' needs continue to evolve, we need to partner with fintechs that will assist with our strategies to better serve our members and quite honestly, exceed their expectations. Our credit union serves members nationwide and tools like chatbots will enable us to serve these members anytime, anywhere."
Posh's solutions for credit unions include voice and digital AI tools designed to decrease call volumes and wait times, and eliminate the need for dial pads, in call centers and on the front lines, according to the fintech. Credit union investors have also served as consultants, according to Posh, helping it to deliver friction-free member service to clients through its solutions
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
