Two existing Illuma Labs clients, Connexus Credit Union and TDECU, have reconfirmed their commitment to partnering with the technology firm leading the sector in voice biometrics solutions for credit unions. Their most recent investments add substantially to the capital Illuma will use for continuous product development and expansion of services.
Doubling Down on a Winning FinTech
Connexus Credit Union, an Illuma client and one of the early adopters of voice authentication technology in the call center, took the lead investor role in this capital raise. Stepping in with a substantial round of funding made sense for a credit union that serves members in all 50 states.
Chad Rogers, Connexus Executive Vice President and Chief Operating Officer spoke about the decision to fund Illuma. “Too often, adoption of increased security measures results in less convenient, less pleasant customer service interactions. That said, our collaborative two-year Illuma partnership and our strong track record with their innovative Illuma Shield voice biometric technology have proven just the opposite. Not only are we doing more to mitigate fraud while ensuring the safety of our members’ data and assets, but we’ve streamlined their customer service experience by eliminating traditional, often burdensome, out-of-wallet authentication questions. With Illuma Shield, we’ve shortened call time by one minute on average, affording our members and the employees assisting them a much more engaging, efficient, and satisfying experience.”
This round of funding represents the second significant investment made by Texas-based credit union TDECU. After deploying the Illuma Shield solution in 2021, the organization has already enrolled more than 70,000 Members within the first year of active use. The positive response from Members and service champions, along with greater account security and convenience, proved the wisdom of the credit union’s original investment.
According to Michael Massey, President of TDECU Holdings, “Now, more than ever, we trust this solution and the team behind it. Illuma has proven to be a reliable and responsive FinTech partner, and we’re excited to see how they continue to grow and serve more credit unions.”
A Bright Future for a Well-Funded FinTech
With several new investment partners and multiple awards won in 2022, Illuma is poised for continued growth with new features, integrations, and opportunities. Illuma Founder & CEO, Milind Borkar, spoke about the roadmap for Illuma Shield™ “Demand is high from credit unions seeking to keep members connected to their finances in a secure, convenient, and compliant manner. This influx of capital from Connexus and TDECU is the fuel necessary to accelerate platform integrations and advance our technology. We’re empowered to address challenging use cases to improve authentication and fight fraud in the contact center and self service channels ”