Bankjoy Secures Funding From Curql Collective, Three CUs

The Detroit-based digital banking platform provider Bankjoy secured funding from Curql Collective as well as three of its current and prospective credit union clients, Bankjoy announced Monday.

The three credit unions to participate in the investment round were: AEA Federal Credit Union ($360 million, Yuma, Ariz.), CommunityWide Federal Credit Union ($735 million, South Bend, Ind.) and Statewide Federal Credit Union ($170 million, Flowood, Miss.). Bankjoy did not reveal the total dollar amount of the investment round, or the specific amounts contributed by the three credit unions or Curql, a CUSO that raises capital for fintechs.

Bankjoy, which serves more than 60 financial institution clients, said it plans to leverage the new funding to support its continued growth and facilitate ongoing product innovation. Features of the company’s technology include mobile and online banking, e-statements, online account opening, online loan origination and conversational AI; it recently rolled out a standalone online account opening solution and business banking platform.

“As we see interest rates continue to rise, competition for deposits will likely intensify over the next 12 months among financial institutions and these trends will influence the digital transformation strategies for community banks and credit unions,” Bankjoy CEO Michael Duncan stated. “Online and mobile banking apps have a serious impact on member and account holder satisfaction. Research from Deloitte reveals that frequent mobile banking users, defined as individuals who accessed mobile banking at least once in every two weeks in the last year, are more satisfied with their primary financial institution than non-users, demonstrating that the digital banking experience plays an important role in helping financial institutions retain and grow deposits.”

Duncan continued, “We are thrilled to bring Curql on as an investor as Bankjoy continues to grow, as this latest round of funding will allow us to pursue new opportunities to redefine the digital banking experience and help more community financial institutions thrive in an increasingly competitive environment.”

Nick Evens, president/CEO of Curql Collective, added: “We are proud to invest in Bankjoy, as we believe the right technology can positively impact how credit unions engage with their members and how members engage with their money. We look forward to supporting Bankjoy’s next growth phase and helping more forward-thinking credit unions deliver digital banking experiences that exceed their members’ expectations.”

The news of Curql’s investment followed five other fintech partnerships formed by the CUSO since mid-November of last year. On Nov. 15 and 29, Curql added the West Des Moines, Iowa-based LenderClose and business intelligence and analytics software provider BankBI to its fintech ecosystem, respectively. On Jan. 3, customer relationship management platform provider Total Expert joined Curql’s fintech ecosystem, followed by financial education resource provider Ever Green 3C on Jan. 31 and Spave, a savings and donation tool provider owned by Michigan State University Federal Credit Union CUSO Reseda Group, on Feb. 7.