Black Dragon Capital, Velera Announce Partnership on New Initiative

BOCA RATON, Fla.—Investment firm Black Dragon Capital, which invests in advanced technology, said it has entered into a partnership with Velera.

Black Dragon Capital said in a statement it was founded over a decade ago by “recognized financial technology leaders” focused on bringing innovative technologies to high-growth industry segments affected by digital disruption. 

Velera, which serves more than 4,000 financial institutions, said it decided to enter the alliance with Black Dragon Capital following a thorough due diligence process. 

“As a premier payments CUSO deeply committed to supporting credit unions, Velera recognized the value in the Black Dragon team’s deep domain expertise and ability to transform companies,” the organizations said in a statement. “They determined that a firm led by prominent members of the fintech and credit union communities would be the ideal partner in pursuing their goal of finding solutions that can empower credit unions and their members amidst the significant business and competitive issues created by the ongoing digitization of financial services.”
The two companies said that through the collaboration the plan is create and scale financial technology companies that enable credit unions to “transform their businesses and optimize their member service advantages.”

‘Great Pride’

“It is with great pride and excitement that we join Black Dragon Capital’s ambitious initiative of creating innovative and sustainable companies which can benefit credit unions now and for decades to come,” Velera President and CEO Chuck Fagan said in a statement. “We deeply value the credit union community, and we are grateful to partner with an organization like Black Dragon whose leaders are prominent members of the community they serve. Through this partnership, we are confident that credit unions will continue to find success in providing top quality services to their members.”

As part of the partnership,  Fagan will be co-chairing the Limited Partners Advisory Board with Bill Cheney, the CEO of SchoolsFirst Federal Credit Union in California.

‘Thrilled to Collaborate’

Benson Porter, FinTech CUSO chair at Black Dragon Capital, is the former CEO of BECU and First Tech Credit Union. 

“We are thrilled to be collaborating with a key industry pillar like Velera, who shares our decades of commitment to the credit union movement and our determination to continue supporting the community,” said Porter in a statement. “This strategic partnership is a crucial step towards optimizing the top standard of service in our industry by connecting future-forward credit unions with tenured fintech professionals who know the industry well and are equipped with decades of expertise and tenure in building and transforming companies through technology.”

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