Joint Payrailz®, Credit Union CUSO, CU Railz®, Builds Momentum, Growing to 13 Members, Raises $15M
Glastonbury, Conn., December 1, 2020– Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, has grown its CUSO, CU Railz, from six founding members to 13, raising a total of $15 million in investments, committing to Payrailz’ payments products and continues to attract industry attention.
Since August 2019, CU Railz’ members have not only invested in the CUSO financially but worked with Payrailz to develop new, innovative payment technologies and experiences for their members that will revolutionize and strengthen their digital relationships.
Open to credit unions and other CUSOs, CU Railz gives members the opportunity to be owners in the CUSO, giving them a voice in the direction of products as well as the ability to share in Payrailz’ success and the capability to deliver new and innovative services to their members. CU Railz members also serve as strategic partners in the development of new payment technologies and experiences that help them compete in today’s highly competitive banking environment.
“As a credit union, the opportunity to collaborate across the industry and to have a say in the products and services that directly affect us is invaluable. Coming together with other organizations that share the same goals and values is not only encouraging but empowering,” said David Faleski, SVP, and CIO of Coastal Credit Union. “CU Railz has opened a new door of opportunity for us and ultimately allowed us to take the reins and steer toward a better future for payments.”
In addition, during the last CU Railz board meeting, John Carew, Chief Strategy Officer of Georgia’s Own Credit Union, was appointed to represent the CUSO as a full voting member on the Payrailz Board of Directors. Moreover, as a result of the strong demand to join the CUSO, the CU Railz Board also voted to extend the investor opportunity to other credit unions.
“I am honored to represent CU Railz and this amazing group of thought-leading credit unions on the Payrailz Board of Directors,” commented Carew. “Collectively, the investor CUs have a seat at the Payrailz table, literally. We truly have a voice and direct influence over our payments delivery future. This is a win-win partnership.”
CU Railz stemmed from a working relationship between Payrailz and established CUSOs Members Development Company (MDC) and Constellation Digital Partners, which are both now referral partners of Payrailz, and includes the following group of investors/members:
- Coastal Credit Union (Raleigh, N.C.),
- Farmers Insurance Federal Credit Union (Los Angeles),
- Georgia’s Own Credit Union (Atlanta),
- Meritrust Credit Union (Wichita, Kan.),
- Teachers Credit Union (South Bend, Ind.),
- TwinStar Credit Union (Lacey, Wash.),
- Unify Financial Credit Union (Torrance, Calif.),
- Evansville Teachers Federal Credit Union (Evansville, Ind.),
- Pen Air Federal Credit Union (Pensacola, Fla.),
- Nusenda Credit Union (Albuquerque, N.M.),
- Purdue Federal Credit Union (West Lafayette, IN)
- Alliant Credit Union (Chicago, IL)
- Unitus Community Credit Union (Portland, OR)
“2020 has certainly proven to be a strong year for CU Railz. Even in the face of a pandemic, the CUSO has grown tremendously and connected us with some incredible credit union partners that share our vision for smarter and more engaging payments experiences,” said Fran Duggan, CEO of Payrailz. “The growth of CU Railz demonstrates the want and need for collaboration in this industry, both between credit unions and fintechs as well as between credit unions themselves. We are incredibly grateful for their support of our vision.”
About CU Railz®
CU Railz is a new credit union service organization (CUSO) founded to enable credit unions to take control of their future by partnering with Payrailz to collaborate on new, innovative payment technologies and services that will revolutionize the payments experience. The CUSO was specially created to provide credit unions with access to Payrailz’ solutions and advantages. For more information, visit payrailz.com/curailz.
Payrailz is a digital payments company offering advanced payment capabilities and experiences including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C, and other related solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’ smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’ API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.