OLYMPIA, Wash–The $5.2-billion Washington State Employees CU (WSECU) said it has made an investment in AKUVO.
The investment was made through WSECU’s subsidiary CUSO, One Washington Financial. AKUVO provides credit risk management and collections solutions.
Malvern, Penn.-based AKUVO said that as part of WSECU’s investment it will receive a seat on its Advisory Board.
“Our partnership with AKUVO supports our mission to improve the financial wellbeing of our members and the communities we serve,” Paul Kirkbride, COO for WSECU, said in a statement. “This investment reflects a commitment and confidence in AKUVO as a company and technology provider. We believe that AKUVO’s platform will help us enhance collections strategies, improve efficiency, and deliver exceptional member experiences. We are excited to further contribute to the company’s long-term vision through this investment.”
‘Positive Outcomes’
Added AKUVO Founder and CEO Jay Mossman in a statement, “We are honored to welcome WSECU as they join six credit unions and CURQL as an investor in AKUVO. The commitment to innovation and member service aligns perfectly with our goals, and we look forward to a successful partnership that drives positive outcomes for both organizations.”
SAN FRANCISCO–How fintechs continue to expand their target markets can be seen in the latest move by mobile banking app Chime, which has launched a premium membership program alongside several new features.
According to the company, Chime+ is available exclusively to users who direct deposit. Benefits include a 3.75% APY savings rate, exclusive merchant deals and priority customer support, it said.
“In addition to Chime+, Chime is also rolling out a redesigned app experience that features a variety of new, smarter tools to help all members manage money, build credit and save with confidence…,” the company said in a statement.
Chime, which refers to its customers as “members,” said its users can build credit on purchases from the day they open an account, rather than needing to direct deposit via Chime, and that its app now allows members to see FICO tracking and view the factors affecting their credit scores.
Chime Workplace Debuts
The company further said it is also debuting Chime Workplace, a suite of financial wellness services, which gives employees access to Chime products that help with income management, savings, credit, and loyalty and rewards.
In March, Chime unveiled “Instant Loans,” which allows preapproved customers who receive direct deposits to their Chime Checking Accounts access three-month installment loans of up to $500.