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ScribeUp Technologies Inc., a Venice, Calif.-based subscription management platform provider serving financial institutions, announced Tuesday that it has formed a CUSO.
Supporting the launch of ScribeUp CUSO is Service Credit Union ($6 billion, Portsmouth, N.H.), which became the first strategic advisor in ScribeUp Technologies’ newly-formed standalone entity. The amount of Service CU’s investment was not disclosed.
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According to ScribeUp Technologies, the launch of the CUSO signals a strategic commitment to credit unions as a core market, and reflects a long-term investment in supporting the financial wellness of members and helping credit unions remain the go-to hub for everyday money management.
“As more consumer spending shifts to recurring payments, credit unions have an opportunity to win back daily engagement,” ScribeUp CEO and Co-Founder Jordan Mackler said. “Forming a CUSO shows we’re not just building for the space, we’re building with it.”
The CUSO’s platform is designed to help credit unions embed subscription and bill management into digital banking, including one-click cancellation of unwanted subscriptions; migrate payments to partner-issued cards instantly; detect recurring bills across external accounts; regain visibility into third-party payments and lending relationships; and drive deposit growth and card engagement.
Service CU’s investment coincided with positive results stemming from the use of ScribeUp’s platform. According to the credit union, after leveraging the platform, it saw members add an average of $72 per month in new recurring spend to their Service CU accounts that was previously going to external accounts. What’s more, Service CU said 60% of its members found and took action on a bill they didn't realize they were paying for, averaging $20 per month in unwanted bills per member; and for 40% of member-users, ScribeUp identified active loans with third parties for products already offered by Service CU.
“At Service Credit Union, we’re always looking for ways to bring more value to our members and simplify their financial lives,” Service CU Director of Fintech Innovation Brian Regan said. “ScribeUp’s technology not only aligns with that mission, but delivers immediate, tangible outcomes. That’s why we’re proud to support their CUSO initiative as both a partner and an investor.”
Service CU’s previous CUSO investments have included joining a funding round for ModernFi CUSO in 2024.
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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.
