Constellation Digital Partners, a Raleigh-based fintech startup backed by a growing number of credit unions, has closed on another $500,000 as it nears product launch.
Constellation officially launched on May 2 with technology that specifically targets credit unions.
The startup is promising “a complete suite of digital financial services dedicated solely to credit unions” that “will allow credit unions and members to choose which services to use inside of a secure banking experience.”
Coastal Credit Union in Raleigh and a group of other CUs as well as service providers have already pumped some $9 million into the venture after each of nine original backers provided $200,000 in seed funding.
The latest investor is CU Solutions Group, which is based in Livonia, Mich.
“Member expectations are very high when it comes to mobile experiences. Right now, credit unions aren’t delivering and Constellation will finally change that for our entire industry,” said Kristopher Kovacs, the CEO who spearheaded development of the CU project at Coastal.
“CU Solutions Group understands that mobile banking platforms currently limit a credit union’s ability to innovate far too often. Constellation breaks these barriers by replacing a credit union’s existing platform with an open, versatile solution, while CU Solutions Group’s LifeStep Wallet services and content provide the perfect extension to the legacy online and mobile banking experience.”
Credit union backers of Constellation in addition to Coastal include: 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.