Nook secures investment from Dort Financial, forms CUSO
WAYZATA, MN (April 9, 2024) — Nook (www.nook-inc.com), a pioneer bringing relationship-based banking back to credit unions, is thrilled to unveil a significant milestone in its journey: a strategic investment from Dort Financial Credit Union, one of its earliest clients. With Dort Financial’s investment, Nook is proud to announce its transformation to a Credit Union Service Organization (CUSO).
“We are excited to join Nook as an investor and CUSO owner,” stated Brian Waldron, CEO of Dort Financial Credit Union. “Nook’s solution will change the way credit unions interact with their members in today’s digital world and reestablish credit unions as leaders in relationship-driven banking. We look forward to supporting Nook in their mission to help credit unions succeed.
In addition to Dort Financial’s investment, Nook received investment from four other investors to close out its pre-seed investment round. The infusion of capital from Nook’s pre-seed investors will accelerate Nook’s ability to execute on its mission to bring relationship-based banking back to credit unions. By becoming a CUSO, Nook further cements its commitment to the credit union industry and its members.
“It’s incredible to have an innovative credit union like Dort Financial believe in your vision and take the leap of faith to join you as a client and help pilot your solution,” said Austin Wentzlaff, Co-Founder & CEO of Nook. “It’s even more amazing to witness their immediate success with your platform and have them become the inaugural CUSO owner. We built Nook to solve a very specific problem in the credit union industry, and becoming a CUSO was always a part of the plan. We are beyond excited to have Dort Financial advance us in that direction.”
As Nook continues its journey as a CUSO, it plans to take on more credit union ownership as it remains dedicated to reshaping the credit union landscape, fostering stronger relationships between credit unions and their members, and driving innovation within the industry.
About Nook
Nook is a Credit Union Service Organization (CUSO) offering a first-of-its-kind platform designed to empower credit unions to provide niche experiences to their members without the need for a new brand, website, or technology stack. Nook’s Niche Experience Platform leverages a niche, lifestyle content approach to build focused communities around core member groups, building deep trust and loyalty. Incorporating lifestyle topics alongside financial content allows Nook to offer a fresh perspective, encouraging more frequent member engagement and enabling credit unions to “sell without selling” by allowing members to envision the practicality, relevance, and positive impact that credit union solutions have on their lives.
