Constellation Digital Partners, LLC and Catalyst Corporate Federal Credit Union are pleased to announce a new investment from Catalyst Corporate of $500,000 in Constellation. Constellation CEO Kristopher Kovacs closed the investment May 2 with Catalyst Corporate President and CEO Kathy Garner.
Constellation is the first and only open digital banking platform for credit unions. The platform makes it possible for credit unions to access resources needed to provide the digital services members want. Since Constellation’s inception, Catalyst Corporate – which serves 1,400 credit unions nationwide – has been involved and closely monitoring the onboarding of its investors and partners. The interest generated and the capital raised by Constellation have made it evident to Catalyst Corporate that Constellation will fill a void in the credit union industry.
“Working together with fintech developers on an open development platform allows credit unions to overcome many of the constraints faced in the past on competitors’ legacy technology systems,” said Garner. “For Catalyst Corporate, working with Constellation is an opportunity to leverage the investment we’ve already made in TranZact, our members’ account management platform, and TranzCapture, our deposit capture platform. TranzCapture was built from the ground up to integrate easily, and it aligns well with the Constellation platform.”
Constellation not only offers Catalyst Corporate a new way to deliver existing services, but also an additional channel for delivering new services, Garner said. In addition, it gives Catalyst Corporate the ability to interact more closely with credit unions that are not currently members of Catalyst Corporate to better understand their future direction and needs.
“We are thrilled to welcome this new partner and eager to start working with Catalyst Corporate,” said Kovacs. “Catalyst Corporate strives to maximize efficiency, prioritizes strategies that create value for its member credit unions, and leverages technology to achieve its objectives whenever possible. With their involvement, Constellation is able to help bring these guiding principles to life for its members everywhere.”
Eleven other credit union partners have invested in Constellation, including: Coastal Credit Union, Teacher’s Credit Union, CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union, Kinecta Federal Credit Union, Vizo Financial Corporate Credit Union, TwinStar Credit Union and Nusenda Credit Union. CU Solutions Group, CO-OP Financial Services and CUNA Mutual have also invested in the platform.
To learn more about Constellation, visit www.constellation.coop. Connect with Constellation on Twitter (@ConstellationDP), Facebook, and LinkedIn. To learn more about Catalyst Corporate Federal Credit Union, visit www.catalystcorp.org. Connect with Catalyst Corporate on Twitter (@CatalystCorpFCU), Facebook, and LinkedIn.