PSCU, a credit union service organization (CUSO), is backing its subsidiary Lumin Digital, a cloud-based banking platform, with an additional $35 million, bringing the total investment to $70 million, PSCU said in a press release on Thursday (Nov. 21).
Launched by PSCU 18 months ago, Lumin Digital offers credit union members integrated and customized banking solutions. This additional investment aims to enable new platform capabilities, enhanced security and fast, scalable growth.
“Lumin Digital is driving market innovation and delivering on the commitment we made when we announced the platform in 2018,” said Chuck Fagan, president and chief executive officer of PSCU. He added that PSCU’s owner credit unions have embraced the platform and the “people-focused approach of the Lumin team.”
Three credit unions are currently live on the Lumin Digital platform, and six more are ready to be onboarded. The platform connects users to PSCU’s solutions and services, including analytics and support.
The company says that Lumin Digital’s cloud-based digital banking platform uses state-of-the-art technology built for human connection. It aims to help credit unions better connect with members through increased engagement and personalization while also offering speed and security.
“Lumin Digital was launched as the first cloud-native platform in the digital banking space to increase member engagement by providing an optimal experience backed by industry-leading predictive analytics,” said Jeff Chambers, president of Lumin Digital.
Chambers said investing in new proficiencies ensures the platform can “meet the evolving needs of our credit unions.” He added that it is important to scale quickly while also providing a “market-leading fraud and security program.”
Based roughly 30 miles outside Silicon Valley in San Ramon, California, Lumin Digital was founded by FinTech experts with the goal of redefining digital banking. Using member data and predictive analytics, credit unions can create a personalized journey for customers.
PSCU announced on Nov. 20 that it plans to invest $100 million over the next few years to focus on improving solutions for the 1,500 credit unions it serves around the country. The investments were approved by the company’s board for the next three years.