Investing in innovation: Vizo Financial joins other CUs in supporting Constellation platform
Wednesday, March 28, 2018
Vizo Financial announces $500,000 investment in Constellation Digital Partners, LLC
RALEIGH, N.C. — Constellation Digital Partners, LLC is pleased to announce a $500,000 Class C investment from Vizo Financial Corporate Credit Union. Vizo Financial is headquartered in Greensboro, N.C., and serves more than 1,200 credit unions, leagues and CUSOs in 46 states, as well as Canada. Constellation founder and CEO Kristopher Kovacs closed the investment March 7 with Vizo Financial representatives: Jay Murray, CEO; David Brehmer, president; Mark Brown, chief financial officer; and Jeffrey Stoner, chief strategy officer.
The investment from Vizo Financial marks yet another milestone for Constellation. This is the 12th investment made in the groundbreaking software platform since it launched less than a year ago. Constellation has achieved the largest capital raise in credit union history in the shortest amount of time, a testament to the significance of the concept. Additionally, the CUSO recently launched its first software implementation for the open development platform called Aquarius.
“With the support of forward-thinking partners like Vizo Financial, we are getting that much closer to transforming digital banking experiences for credit unions and members everywhere,” said Kovacs. “We have two additional software releases planned this year that will extend the services of the Constellation platform with new capabilities, features and functions. Members will truly be at the center of every credit union’s strategy – right where they belong.”
Until now, credit union members with needs beyond simple transactions have been forced to use competing services. Constellation is making it possible for credit unions to have access to the resources needed to provide the services members want. Constellation’s patented multi-sided platform brings credit unions and financial technology developers together, creating an environment where any idea can become a reality.
“Vizo Financial believes that credit unions need innovation and technology in order to thrive in the future,” said Murray. “Constellation is providing credit unions with the digital solutions needed to meet their member expectations. This is the type of collaboration we look for in the credit union industry and we are excited to be a strategic partner.”
To date, nine other credit union partners across the U.S. have invested in the platform. The other partners include: Coastal Credit Union, Teacher’s Credit Union, CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union, Kinecta Federal Credit Union, and Nusenda Credit Union.
In total, the credit unions represent a user base of more than 1.5 million members and a total of $20 billion in assets. CU Solutions Group, CO-OP Financial Services and CUNA Mutual have also invested in Constellation.
To learn more about Constellation, visit www.constellation.coop. Connect with Constellation on Twitter (@ConstellationDP), Facebook and LinkedIn. To learn more about Vizo Financial, visit www.vfccu.org.