TwinStar Credit Union invests $3 million in Constellation
02 May 2018 | 1749 views | 0
Constellation Digital Partners, LLC is eager to announce a new strategic partnership and $3 million investment from TwinStar Credit Union.
TwinStar serves approximately 120,000 members in Washington and Oregon, and has $1.3 billion in assets. Constellation founder and CEO Kristopher Kovacs closed the investment April 17 with TwinStar Credit Union CEO Jeff Kennedy.
This announcement marks the 13th investment made in the revolutionary software platform since launching almost one year ago. With TwinStar’s investment, Constellation has now reached $29 million in total capital raise. Investment opportunities in the CUSO will be closing soon.
“TwinStar is an excellent partner for us and we truly value their investment in our platform,” said Kovacs. “Along with them, we will be able to take Constellation to the next level for credit unions and members everywhere. Constellation is uniting fintechs and credit unions together to bring our digital services platform to market and TwinStar is helping bring our vision to life.”
Constellation is the first and only open digital banking platform for credit unions that allows service providers to create different services and add them into the platform through a marketplace-style interface. Then, credit unions can choose which services to offer members through the platform. At its core, Constellation makes it possible for credit unions to have access to the resources needed to provide the services members want.
“At TwinStar, we want to offer members a world-class mobile app that really wows,” said Kennedy. “We know it’s a fast change of pace in the digital space, so we need to keep upgrading and improving our member experience. Meeting member needs as they evolve is the single most important aspect of our service goals. Constellation will allow us to do just that.”
The first Constellation software release, Aquarius, took place in February 2018. Two additional software releases are planned for this year. In March, Constellation hosted its first developers conference where fintech developers were able to start creating services, integrating them and connecting them.
Ten 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 and Nusenda Credit Union. CU Solutions Group, CO-OP Financial Services and CUNA Mutual have also invested in the platform.
In total, the credit unions represent a user base of more than 1.6 million members and a total of $21 billion in assets.