Mahalo Banking, a Troy-based credit union service organization (CUSO) that provides online and mobile banking solutions for credit unions, completed a $20 million funding round this month.
The round was led by Superior Credit Union in Ohio, Park Community Credit Union in Kentucky, and Dover Federal Credit Union in Delaware. The additional capital will enable Mahalo to continue to research and innovate products to improve digital member services.
“We are excited to be partnered with Superior Credit Union, Park Community, and Dover Federal,” says Jim Stickley, president and CEO of Mahalo Banking. “They appreciate our vision as a CUSO to advance our platform to provide the best banking experience possible to all credit unions.
“We did not look for VC funding — we wanted a credit union-focused investment. This ensures that we are providing the digital banking services that today’s savvy members demand in everyday banking needs and that credit unions have what they need to retain and grow their member base. These credit unions share our vision to have the best digital banking solution on the market.”
Mahalo says its solutions-oriented platform was designed by individuals who have worked in the credit union industry as well as ones in security to ensure credit unions deliver mobile and online banking experiences using superior architecture. The company says it provides “deep integrations” into credit union cores and boasts “robust and secure feature sets across all delivery platforms for a true omni-experience.”
“We were early adopters of Mahalo Banking and after implementation our members let us know that the solution not only met their needs but also exceeded their expectations,” says Phil Buell, president and CEO of Superior Credit Union. “Mahalo aligns with our business philosophy; they are member-centric, critically-focused and have strong values matched with unparalleled integrity. We have more than 100,000 members and the investment in Mahalo is an investment in our members’ banking future.”
Stickley continues: “Digital banking usage continues to outweigh the branch as the primary channel for members to engage with their credit union. The future of member service is digital, and those that have yet to take steps to modernize their support and engagement strategies are already behind.”
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