Largest Capital Raise-backed CUSO in History Selects Xtensifi for App Development
According to CUtoday, Constellation Digital Partners, Inc. (Constellation), a CUSO, has raised $22.5-million from credit unions and is creating a “revolutionary software platform that will transform the future of digital banking for credit unions and members.”
Constellation engaged Xtensifi in mid-2017 for professional services including technology planning, partnership engagement, app development and systems design.
Constellation is building out its cloud-based financial services marketplace and platform that will enable credit unions and members to choose which services to use inside of a secure banking experience.
So far, credit unions that have committed to the CUSO represent more than $12 billion in assets and 1.1-million members. According to the CUtoday article, partners include: CUNA Mutual, CO-OP Financial Services, Telrock, Connect Financial Software Solutions, Obloco, Corporate One FCU, Gro Solutions, Xtensifi and Insuritas.
The business model of Constellation requires developers to create “tiles” or services. Once approved by the CUSO’s due-diligence, individual credit unions can contract for those services within the Constellation marketplace.
According to Constellation Founder and CEO Kristopher Kovacs, “Credit unions have to respond to the digital demands of our members. Our core purpose is to help credit unions survive and win, because digital is (critically) important.”