BROOMFIELD, Colo. —Two companies that provide solutions to CUs have announced they’ve raised new funding, including from credit unions.
In Colorado, Members Mobile said it has secured investments from four credit union organizations, including The Reseda Group, the wholly owned credit union service organization of MSUFCU, to support the nationwide rollout of its mobile phone service designed specifically for credit unions.
According to Members Mobile, the funding will help expand its 4G/5G mobile service, which combines wireless plans with digital financial services aimed at helping credit unions attract new members and deepen relationships with existing ones.
Why CUSO Was Created
The company said Members Mobile CUSO was created to enable credit unions to bundle wireless service with financial products, including checking accounts, through a digital platform that also offers features such as cash-back rewards, customer support and data protection.
“The Reseda Group is one of the most credible voices in credit union investment and CUSO innovation,” Members Mobile Chairman Gary Brandt said in a statement. The investment, along with commitments from three other credit union investors, reflects the industry’s willingness to adopt new digital tools to better serve members, he added.
Members Mobile said its proprietary VIMplicity platform integrates with MeridianLink, allowing consumers to activate mobile service and, if needed, open a credit union account through a single mobile application without visiting a branch.
‘Validates Strategy’
Co-founder Luis Jimenez-Tunon said the investment validates the company’s strategy of combining mobile telecommunications with financial services. He said fintech companies and digital banks increasingly are offering mobile phone services as another way to engage customers, and that Members Mobile is bringing that model to credit unions.
According to the company, Michigan State University FCU is the founding credit union partner using the service. Members Mobile said additional credit union partners representing more than 2.5 million members have signed agreements to participate in the early expansion of the platform across the United States.
Members Mobile operates as a mobile virtual network operator, providing service over an established nationwide 4G/5G wireless network. The company said its platform is designed to help credit unions increase member engagement, generate non-interest income and simplify digital account opening while offering members wireless service through their financial institution.
Lumin Digital Raises $115 Million
Separately, in San Ramon, Calif., digital banking technology provider Lumin Digital said it has raised more than $115 million in new capital to accelerate its expansion beyond digital banking services, with the latest financing valuing the company at approximately $1.6 billion.
According to Lumin Digital, the funding includes more than $70 million invested by 15 of its banking and credit union clients, along with a recent $45 million growth equity investment led by existing investor Light Street Capital. The company said the client investments extend its strategy of allowing financial institution customers to become shareholders.
The new capital will support Lumin’s expansion into what it calls a “Compounding Growth Platform,” broadening its offerings beyond digital banking to include artificial intelligence, customer relationship management, payments, lending and other financial technology capabilities. The company said the goal is to provide banks and credit unions with a unified platform that drives customer engagement, retention and revenue growth.
A Belief in ‘Where We’re Taking It’
“The people who know this company best — our customers and our lead investor — believe in where we’re taking it,” Founder and CEO Jeff Chambers said in a statement announcing the financing. He said the additional capital will accelerate the company’s ongoing platform expansion.
Light Street Capital Partner Kevin Sullivan said in the announcement that the investment reflects confidence in Lumin’s strategy of building what he described as a cloud platform for financial institutions in the AI era.
Prior Capital Raises
The latest financing builds on previous capital raises, including a growth equity round announced in late 2024 and subsequent investments from clients, bringing the company’s recent fundraising to well over $300 million.
Lumin Digital, founded in 2016, provides cloud-native digital banking technology to banks and credit unions. In recent months, the company said it has introduced AI-powered capabilities and announced plans to expand its platform into additional financial services categories as it seeks to compete with broader fintech providers.
