Fintech partnership
A new capital markets solutions CUSO, Rhyze Solutions LLC, has launched with the backing of two co-founding partners: Allied Solutions and Everwise Credit Union, according to announcements from Rhyze and Allied Solutions on Nov. 13.
Although specific dollar amounts were not disclosed, Rhyze's announcement stated that both partners made "multi-million dollar investments."
"While we look forward to adding more credit union owners to the CUSO, we couldn't be more excited to launch with the strategic partners of Allied Solutions and Everwise Credit Union,"
Rhyze Co-Founder and CEO Syd Libsack stated. "Beyond the size, scale and sophistication of these partners, the entire Rhyze management team is most energized about the philosophical alignment for how we will build long-term success that supports the industry. We are excited to launch this journey, building the premier capital markets platform that provides loan and liquidity solutions with scale and efficiency that are only achievable through the power of the network."
According to Allied's announcement, Rhyze will be providing a business lending platform that credit unions and other financial institutions can use to easily access a variety of loan and liquidity solutions across multiple asset classes. Benefits to credit unions include the ability to expand their institution's loan and liquidity portfolio, as well as its level of expertise, Allied said. The Carmel, Ind.-based provider of insurance, lending, risk management and data-driven solutions to financial institutions also noted it has completed several lending-centric investments and acquisitions in the past few years – including an acquisition of CU Direct's (now Origence) Lending Insights platform in May 2022.
"We know our clients in the credit union industry need reliable lending solutions to streamline loan operations and expand their regional footprint." Allied CEO Pete Hilger said. "Our partnership with Rhyze provides those credit unions with tremendous opportunity to scale their business and aligns with our commitment to provide innovative solutions."
For the $5 billion, South Bend, Ind.-based Everwise (which changed its name from Teachers Credit Union in June 2023), the investment supports its goals to continue growing its business and membership, which currently sits at more than 500,000.
"This new investment and partnership allows Everwise to strategically expand our lending and capital markets operations, driving long-term value for our members' financial futures. And for the broader industry, we're excited to co-found this credit union-native CUSO that will offer partners flexible ways to participate across our end-to-end, investment-grade and multiasset-class lending platform," Everwise President/CEO Jason M. Osterhage stated.
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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.
