Reseda Group in East Lansing, a wholly owned credit union service organization of MSU Federal Credit Union (MSUFCU), has invested in six fintechs and added them to its partnership ecosystem, while adding two follow-on investments.
The six new investments include CU LIFT Fund, CURevl, Debbie, Origence, Members Mobile, and Ranqx. Follow-on investments were made in Ascent and Changed, resulting in a total investment of more than $6.2 million as part of the group’s commitment to help develop technology and solutions in the financial services industry.
“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,” says April Clobes, president and CEO of Reseda Group and MSUFCU.
“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.”
Ascent is based in New York City and its permissioned data core is the first platform that enables financial entities and their customers to securely and bidirectionally share internal and external financial information, on a permissioned basis. Ascent enables banks and credit unions to act as trusted partners in helping consumers and small businesses navigate the financial marketplace.
The investments include:
Changed, based in Chicago, is an actionable debt repayment platform for members. It helps provide insights and drives results toward financial health. With Changed, credit unions can aid members act in a way that aligns with their budget and habits.
CU LIFT Fund in San Antonio is building a collaborative ecosystem meant to offer significant value to both credit unions and auto dealers. The goal is to provide an exceptional auto buying experience giving members the power to choose their dealer, their vehicle, and their credit union financing, all while preserving and promoting each credit union’s brand.
CURevl in Galveston, Texas, is dedicated to helping credit unions provide college planning and education finance. CURevl focuses on delivering consumer financial products and services, creating value for credit unions and their members.
Debbie in Miami has the goal of helping borrowers transition to wealth builders. Its platform was designed to reward all the positive actions customers take toward financial health, earning them cash rewards for saving and paying off debt while also unlocking better rates.
Origence in Irvine, Calif., provides lending technology developed to deliver a better origination experience. With Origence, credit unions can increase loan volume, create efficiencies, and grow accounts. Origence’s solutions cover indirect lending, consumer loan and account origination, marketing automation, auto shopping, and lending operations.
Members Mobile in Connecticut is a national commercial mobile virtual network operator and 4G/5G mobile phone service provider meant exclusively for credit union members. The startup partners directly with credit unions to deliver an exclusive engagement platform that enhances financial wellness and personalization for the members.
Ranqx in New Zealand offers business lenders a fully digital loan origination, decisioning, and monitoring platform. It offers banks, credit unions, and lenders a fully digital application process that small- to medium-sized businesses can complete in under three minutes, and then uses real-time data to underwrite a loan in less than five minutes. The system works by removing borrower friction while increasing efficient small business loan book growth.
“We’re helping credit unions thrive through innovation, and each company we add to our partner ecosystem brings a new component to customer journeys,” says Ben Maxim, chief operating officer and chief innovation officer for the Reseda Group.
“We invest in solutions that help community financial institutions build digital relationships and create two-way dialogues with their consumers. We want to give people new ways to engage and interact with their finances and empower credit unions and community banks to be in a better position to serve their consumers.”
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