MSUFCU CUSO Reseda Group Invests $6.2 Million in 8 Fintechs
The fintechs' offerings range from direct auto loan funding to CU member-exclusive mobile phone services.
Reseda Group, the wholly-owned CUSO of the $7.6 billion, East Lansing, Mich.-based Michigan State University Federal Credit Union (MSUFCU), invested in six new fintechs and made follow-on investments in two additional fintechs, for a total investment of $6.2 million, this month.
The following six fintechs received an investment from Reseda Group as well as joined the CUSO’s partnership ecosystem: CU LIFT Fund (direct auto loan funding), CURevl (college planning and education finance), Debbie (personal financial management for borrowers), Origence (lending technology), Members Mobile (exclusive 4G/5G mobile phone services for credit union members) and Ranqx (business lending technology).
The two fintechs that previously received funding from Reseda Group and received additional funding during the March round were Ascent (permissioned data sharing) and Changed (debt repayment management).
In a separate announcement, CU LIFT Fund Founder Kirk Klinkhammer said his fintech’s funding from Reseda Group will help finalize the development of the LIFT Network, a proprietary, closed-loop payment network that allows credit unions to fund direct auto loans instantly. Klinkhammer noted that given the size and success of MSUFCU’s auto lending program, the credit union’s partnership with CU Lift Fund will allow it to play a key role as an anchor in Michigan, driving participation of auto dealers and other credit unions around the state.
Reseda Group COO and MSUFCU Chief Innovation Officer Ben Maxim added, “A direct auto loan at the time of purchase is the ideal channel for any credit union. Unfortunately, it’s not always the easiest channel for the member. CU LIFT Fund fixes that problem by creating the best possible member buying experience.”
The $6.2 million investment round brought the number of Reseda Group fintech partners to 25, according to the CUSO’s website.
“We are excited to support these visionary fintech founders and their companies who are transforming the financial landscape and pioneering technologies that redefine the way financial institutions and credit unions engage with their members and customers,” April Clobes, president/CEO of Reseda Group and MSUFCU, stated. “These investments not only demonstrate Reseda Group’s commitment to providing relevant solutions to meet the needs of our members, but also our belief in the power of using technology to reshape the future of financial services.”