Dora Financial secures investment funding from Department of Labor Federal Credit Union (LCU) to empower underbanked communities
CHELMSFORD, MA (January 17, 2024) — Dora Financial, a marketing and innovation CUSO (Credit Union Service Organization) powered by the credit union movement, today announced the successful completion of an investment funding round in partnership with the Department of Labor Federal Credit Union (Labor Credit Union).
This collaborative endeavor signifies a progressive stride toward Dora’s mission to revolutionize the Credit Union industry’s approach toward member acquisition from underbanked communities across the United States. The objective of this partnership is to foster a more inclusive financial ecosystem by leveraging cutting-edge technological solutions and innovative strategies.
“We are truly excited about our partnership with Labor Credit Union,” said Kristi Kenworthy, Managing Director at Dora Financial. “The LCU investment will empower us to enhance our bilingual mobile banking app further, broaden our reach, and ensure that more underbanked individuals have access to Credit Union financial tools and services to achieve their financial goals.”
Dora’s app offers a seamless and bilingual experience, allowing users to perform a range of financial transactions in both English and Spanish. Key features of the Dora mobile banking app include no monthly fee, no minimum balance, early payday with direct deposit, mobile check deposits, a surcharge-free network of 30,000+ ATMs nationwide, bill pay, digital wallet integration, free financial coaching, and the option to seek membership at a participating Credit Union.
“We are thrilled to partner with Dora Financial. This partnership is not just about the present; it’s about building a sustainable future.” said Hina Khalid, CFO at LCU. “We aspire to create a lasting impact that extends beyond banking, fostering a culture of financial well-being and community growth. Together, we are committed to addressing the banking needs of the underserved population, ensuring that everyone has equal access to financial services!”
About Dora Financial
Dora Financial is the first CUSO (Credit Union Service Organization) bilingual neobank strategy powered by the credit union movement. Dora was founded by USALLIANCE Financial in 2021 to serve the 50 million Americans currently not participating in mainstream banking. Dedicated to financial inclusion, the Dora app features a fully bilingual digital banking experience. Dora is currently sponsored by six entities: Affinity Plus Federal Credit Union (Affinity Plus) headquartered in St. Paul, MN; Digital Federal Credit Union (DCU) in Marlborough, MA; Inclusiv in New York, NY; Department of Labor Federal Credit Union (LCU) in Washington, D.C.; Service Federal Credit Union in Portsmouth, NH; and USALLIANCE Financial in Rye, NY.*
About Department of Labor Federal Credit Union
Founded in 1935, Labor Credit Union has a rich history of serving and empowering communities. As a financial institution, we’re not just about providing banking services; we are deeply committed to the welfare and growth of our members. Our roots are firmly planted in the labor movement, reflecting our longstanding commitment to worker rights, financial literacy, and economic empowerment. Open to Employees, Retirees, and Immediate Families of Department of Labor and our partnered organizations, we’re here to enrich your financial life. Learn more at https://dolfcu.org/.
