5 Credit Unions, 2 CUSOs Invest $10 Million in AKUVO
The fintech’s latest round of funding includes all of its original credit union and CUSO investors, plus three new investors.
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.”