Constellation Secures $3 Million Investment from Teachers Credit Union
RALEIGH, North Carolina – July 19, 2017 –– Constellation Digital Partners, LLC has secured a new Class A $3 million investment from Teachers Credit Union, based in South Bend, Indiana. This marks the largest individual credit union investor to date, by assets, in the revolutionary financial technology software platform. Constellation CEO Kristopher Kovacs closed the investment with Teachers Credit Union President and CEO Paul Marsh and CIO Dan Rousseve.
Constellation launched May 2 and is designed to deliver a groundbreaking software platform solution that will transform the future of digital banking for credit unions and members. Constellation is building out its cloud-based financial services marketplace and platform that will allow credit unions and members to choose which services to use inside of a secure banking experience.
“We are thrilled to partner with Teachers Credit Union to bring Constellation to life,” said Kovacs. “Credit unions are under extreme pressure from both members and existing service providers as they try and build next-generation services for members. That pressure resulted in the ‘fusion’, which became the Constellation Digital Services Platform.”
The concept for Constellation was born out of necessity. Kovacs realized there was a fundamental problem in modern digital financial services. Despite a recent boom of potential financial technology partners, credit unions have not been able to access them because of the legacy structure of credit union relationships with current digital banking providers.
“Constellation is a game changer. It’s going to be the world’s only cloud-based suite of digital financial services dedicated solely to credit unions and we just had to be part of it,” said Marsh. “Constellation will redefine what credit unions everywhere can offer members, allowing all of us to finally provide the services we know our members desire in today’s digital age.”
To date, seven other credit union partners spanning nationwide and now totaling $16.3 billion in assets, have invested in the platform. The other partners include: Coastal Credit Union, CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union and Nusenda Credit Union.
In total, the credit unions represent a vast user base of more than 1.4 million members. Constellation is continuing to offer investment opportunities to make ownership of the platform more accessible for a variety of credit unions. Alongside initial credit union investors, CO-OP Financial Services and CUNA Mutual have also invested in the CUSO.
The marketplace will also build out a new service-based economy where digital service developers can get involved and become service providers and partners on the new platform. Developers can create tiles, or services, and then credit unions can seek out and select services within the marketplace. To date seventeen service providers have signed up to create services for the marketplace.
About Constellation Digital Partners, LLC:
Constellation is developing a patented, secure and flexible cloud-based marketplace that enables upper to mid-tier credit unions and innovative app developers to provide safe, reliable, and next-generation digital financial service experiences while giving the freedom to compete, innovate, and thrive in the financial services industry. Constellation will redefine what credit unions offer, delivering digital financial services in a way that enables them to place members at the center of their business strategy. Visit www.constellation.coop to learn more.
About Teachers Credit Union:
Teachers Credit Union (TCU) is Indiana's largest Credit Union with more than $3 billion in assets, 54 branches throughout the state of Indiana and Southwest Michigan, and more than 285,000 members. A financial cooperative owned by its members, TCU offers traditional financial services, as well as investment, insurance and travel services. Visit www.tcunet.com to learn more.