Constellation is the first and only open digital banking platform for credit unions. The platform makes it possible for credit unions to access resources needed to provide the digital services members want.
The deal follows $3 million in funding that Constellation announced in April. Constellation has now raised $29.5 million.
The company released its first software product, Aquarius, in February 2018 and two additional software releases are planned for this year.
Since Constellation’s inception, Catalyst Corporate – which serves 1,400 credit unions nationwide – said it has been involved and closely monitoring the onboarding of its investors and partners. The interest generated and the capital raised by Constellation have made it evident to Catalyst Corporate that Constellation will fill a void in the credit union industry, Catalyst added.
“Working together with fintech developers on an open development platform allows credit unions to overcome many of the constraints faced in the past on competitors’ legacy technology systems,” said Constellation CEO Kathy Garner in a statement.
“For Catalyst Corporate, working with Constellation is an opportunity to leverage the investment we’ve already made in TranZact, our members’ account management platform, and TranzCapture, our deposit capture platform. TranzCapture was built from the ground up to integrate easily, and it aligns well with the Constellation platform.”
Constellation not only offers Catalyst Corporate a new way to deliver existing services, but also an additional channel for delivering new services, Garner said. In addition, it gives Catalyst Corporate the ability to interact more closely with credit unions that are not currently members of Catalyst Corporate to better understand their future direction and needs.
Catalyst Corporate is based in Plano, Texas.
Eleven other credit union partners have invested in Constellation, including: 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, Vizo Financial Corporate Credit Union, TwinStar Credit Union and Nusenda Credit Union. CU Solutions Group, CO-OP Financial Services and CUNA Mutual.