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AKUVO, a Malvern, Pa.-based fintech specializing in collections and credit risk, announced Wednesday that it closed a new round of funding totaling $10 million. The investment round's seven participants included the following five credit unions and two CUSOs:
- VyStar Credit Union ($13.6 billion, Jacksonville, Fla.)
- BCU ($5.7 billion, Vernon Hills, Ill.)
- Coastal Credit Union ($4.5 billion, Raleigh, N.C.)
- Launch Credit Union ($1.3 billion, Merritt Island, Fla.)
- Financial Plus Credit Union ($1.2 billion, Flint, Mich.)
- Reseda Group, a wholly-owned CUSO of the $7.2 billion, East Lansing, Mich.-based MSU Federal Credit Union
- Curql Collective, a Des Moines, Iowa-based CUSO focused on advancing credit union fintech innovation.
While VyStar, BCU, Coastal and Reseda Group all participated in a previous round of funding, Launch, Financial Plus and Curql Collective were new investors during this round.
According to the announcement, the $10 million will be used to support AKUVO's continued growth, focus on innovation, and the ability to staff the organization to properly support new and existing customers.
"I'm humbled with the positive reception we've received since launching AKUVO and the introduction of our Aperture collections and credit risk platform," AKUVO Founder Jay Mossman said. "Financial institutions see the value in using a data-driven solution that leverages advanced cloud technology that can utilize machine learning and natural language processing. Aperture significantly improves collection recoveries while also maintaining loyalty and elevating the account holder's experience."
AKUVO noted that it recently expanded its staff by adding new Loyalty team members, who serve as advisors to customers post-onboarding.
"We're committed to ensuring every financial institution on the Aperture platform receives as much value as possible," Mossman added. "Growth is a noble fintech pursuit, but responsible growth supported by excellent service elevates us above the competition."
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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.
