Credit Union Investment Turns Nook Into an Official CUSO
The marketing solutions provider receives $300,000 from five investors, including Dort Financial CU.
Nook, a marketing startup that launched in January 2024 to serve credit unions, is now officially a CUSO thanks to an investment from the $2.3 billion, Grand Blanc, Mich.-based Dort Financial Credit Union.
According to the CUSO, five investors, including Dort Financial, contributed a total of $300,000 in capital to close out a pre-seed investment round. Dort Financial was also an early Nook client, along with Flagler Credit Union (a division of Dort Financial) and the $801 million, Maple Grove, Minn.-based TopLine Federal Credit Union.
“The initial $300,000 was used to launch our solution, and with the success we’ve been seeing we will be opening a new round shortly to accommodate more credit union owners/investors and accelerate our expansion efforts,” Nook Co-Founder and CEO Austin Wentzlaff said.
Developed as a solution for credit unions looking to connect with specific groups within their membership on a personal level without changing their brand, website or technology stack, Nook’s Niche Experience Platform allows clients to deliver customizable marketing content and educational resources to members based on their demographic. According to Nook’s website, the solution also includes an inbound marketing engine and builds upon a credit union’s existing marketing efforts.
“It’s incredible to have an innovative credit union like Dort Financial believe in your vision and take the leap of faith to join you as a client and help pilot your solution,” Wentzlaff said. “It’s even more amazing to witness their immediate success with your platform and have them become the inaugural CUSO owner. We built Nook to solve a very specific problem in the credit union industry, and becoming a CUSO was always a part of the plan. We are beyond excited to have Dort Financial advance us in that direction.”
Dort Financial CEO Brian Waldron added, “We are excited to join Nook as an investor and CUSO owner. Nook’s solution will change the way credit unions interact with their members in today’s digital world and reestablish credit unions as leaders in relationship-driven banking. We look forward to supporting Nook in their mission to help credit unions succeed.”