Constellation and TwinStar Credit Union Announce Strategic Partnership and $3 Million Investment
RALEIGH, N.C. and OLYMPIA, Wash. – April 30, 2018 –– 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.
To learn more about Constellation, visit www.constellation.coop. Connect with Constellation on Twitter (@ConstellationDP), Facebook and LinkedIn. To learn more about TwinStar Credit Union, visit www.TwinStarCU.com.
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 TwinStar Credit Union
TwinStar Credit Union operates 20 branch locations in Washington and the Portland, OR metropolitan area. TwinStar serves 120,000 members and manages $1.3 billion in assets. TwinStar is a recognized industry leader in credit union collaboration and innovation initiatives. Look up www.TwinStarCU.com for more details.
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Media contact:
Liza Deckelbaum
The Stone Agency
(919) 645-0782
lizad@thestoneagency.com
