Sync1 Systems banks $4 million in funding to transform credit union lending
Founders of Teres Solutions and FI-Mobile launch new credit union service organization for digital lending
AUSTIN, TX (December 15, 2016) — Sync1 Systems, LLC, Inc., a new Credit Union Service Organization (CUSO) focused on building digital banking and loan origination technology, today launched with $4 million in private equity and debt financing. As part of the funding round, the company merged with FI-Mobile, an Austin-based provider of mobile banking solutions.
The cash infusion and mobile banking expertise of FI-Mobile will help Sync1 deliver a new loan origination platform designed to support the changing business and member needs of the credit union lending landscape. As a CUSO that is owned by credit unions, Sync1 is a technology company uniquely focused on serving the specific needs of credit unions and their partners in the industry.
Sync1 Systems is the latest venture of Austin serial entrepreneurs Steve Maloney, Bruce Callen and Dan Chaney. In 2002, they founded credit union lending technology provider Teres Solutions, which was successfully acquired in 2008 by the global credit data and technology provider CRIF. Together with the resources of FI-Mobile, the team at Sync1 Systems will launch a newly architected digital banking and loan origination platform in early 2017.
“The founders of Sync1 Systems understand the unique needs of credit unions and their customers. They also have the technology expertise and business acumen needed to help organizations like ours succeed in the competitive world of lending,” said Richard Epley, CEO of Auto Financial Group. “We look forward to working with the Sync1 team to tap into a growing number of business opportunities that this new landscape promises.”
“On the heels of the financial crisis of 2008, the world of credit union lending was transformed. Consumers are now digital, lending requirements are changing once again, and the marketplace for customers has broadened,” said Steve Maloney, CEO of Sync1 Systems. “For nearly two decades, we’ve helped credit unions to successfully navigate these shifting tides. Sync1 Systems is an entirely new technology platform architected form the ground up to help credit unions succeed in this new world.”
Sync1 Systems will launch its integrated digital banking, mobile and loan origination platform for credit unions in the first half of 2017. The company is now hiring for all positions. For more information, visit www.sync1systems.com.
About Sync1 Systems, LLC
Sync1 Systems is an Austin-based Fintech CUSO providing a new generation of digital banking solutions that includes a sophisticated loan origination system, internet banking and account opening solution designed specifically for credit unions.
As a CUSO, Sync1Systems, understands the challenges that Credit Unions face every day. Our agile, highly configurable, cloud-based system allows you to focus on the needs of your member.