AKUVO secures new investment
MALVERN, PA (May 11, 2022) — AKUVO, a technology-based organization specializing in credit risk and delinquency management, has announced a round of new funding from three credit unions. The investments by VyStar Credit Union, BCU and Reseda Group, a wholly-owned CUSO of MSU Federal Credit Union, will be used to further develop Aperture, the company’s innovative collection and credit risk platform.
Headquartered in Jacksonville, Fla., the $12 billion VyStar Credit Union is one of the 15 largest credit unions in the country. VyStar regularly seeks out fintech organizations that can provide best-in-class products and services to its members, as well as investment opportunities for the cooperative.
“VyStar works to improve the lives of our members and the communities we serve,” said Eric Weatherly, SVP, Loan Administration at VyStar Credit Union. “Investing in AKUVO will allow us to be a greater force for change for our members and the credit union community.”
The $5.5 billion BCU is headquartered in Vernon Hills, Ill., in the greater Chicago area. This fast-growing credit union has a strong focus on helping members achieve sustainable financial wellbeing.
“Our goal is to empower members to discover financial freedom, and I am optimistic AKUVO’s data science solutions will help us accelerate our ability to do just that,” comments, Jim Block, EVP, COO at BCU. “We anticipate rapid growth over the next decade, and the Aperture platform has the promise to scale with our membership.”
Reseda Group, CUSO of the $6.8 billion MSUFCU, completed its second round of AKUVO funding with this new investment. Headquartered in East Lansing, Mich., the CUSO first invested in AKUVO in January 2022 while MSUFCU also signed on to use Aperture.
“AKUVO’s Aperture platform will change the way we provide members with individual credit solutions that maximize recoveries. Aperture’s data-based decisioning also ensures we meet regulatory and legal requirements,” said Jim Hunsanger, Chief Risk Officer for MSUFCU and its CUSO, Reseda Group. “We’re excited to be an AKUVO client and early investor.”
All three credit unions will have a representative on AKUVO’s Advisory and Product Boards as a result of their investment position.
AKUVO is a leading provider of cloud-native collections software solutions that elevate how banks, credit unions, and fintechs collect and manage their portfolios via its products. Whether it is through their stand-alone virtual collector, or its next-generation collections platform, AKUVO provides the technology and data necessary to increase collections efficiency, provide a digital consumer experience, reduce staff costs, anticipate delinquencies, and provide insight into future credit decisions. AKUVO delivers a digital future for collections and account performance management with a visionary, behavior-based approach while taking full advantage of emerging technologies such as artificial intelligence, natural language processing, and machine learning. To learn more, visit www.akuvo.com.
BCU is a purpose-driven organization that empowers people to discover financial freedom. With over $5B in assets, it’s also one of the fastest-growing Credit Unions in the last four decades. Both not-for-profit and member-owned, the Credit Union is driven by the commitment to provide extraordinary service for over 300,000 members across the US and Puerto Rico. BCU members enjoy access to financial services and well-being programming that inspire confidence through the brand promise Here Today For Your Tomorrow. Lifetime membership is offered to employees and families of America’s best workplaces and those living or working in Chicago-area communities.
About Reseda Group
Reseda Group is a wholly owned Credit Union Service Organization (CUSO) of MSU Federal Credit Union focused on helping credit unions remain relevant and competitive by delivering innovative products and services to their employees and member-owners. Driven by a shared goal of building better for members, Reseda Group invests in strategic partners that will bring new technology, digital resources, and credit union industry solutions to market. Please visit resedagroup.com for more information
About VyStar Credit Union
VyStar Credit Union is the second-largest credit union headquartered in Florida and now serves more than 825,000 members with assets of over $12 billion. VyStar is the largest mortgage lender in Northeast Florida and a major employer in the region with over 2,000 employees. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida, 10 Georgia counties, and past and present military members and their families all over the world. Follow us on Facebook, Instagram, Twitter and LinkedIn.