The Reseda Group, a wholly owned Credit Union Service Organization (CUSO) of Michigan State University Federal Credit Union (MSUFCU) in East Lansing, has made an investment in CU Lift Fund in Austin, Texas.
The investment will help finalize the development of the Lift Network, a proprietary, closed-loop payment CUSO network allowing credit unions to fund direct auto loans instantly. Details about the investment were not released.
“Having Reseda Group as a strategic investor means more than just the financial resources it affords us,” says Kirk Klinkhammer, founder of CU Lift. “Reseda Group has become recognized industrywide as an innovator and leader in deploying advanced technology.”
According to Klinkhammer, CU Lift has built one of the largest, most successful auto lending programs, not just among credit unions, but of all auto finance lenders. As a CU Lift Fund client, MSUFCU will play a key role as an anchor in Michigan, driving participation of auto dealers and other credit unions around the state.
“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,” says Ben Maxim, COO and chief innovation officer for MSUFCU. “CU LIFT Fund fixes that problem by creating the best possible member buying experience.”
Other lending channels can commoditize a credit union’s brand, says Klinkhammer. This allows users to build upon the “trusted relationship” members have with their credit unions.
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