AKUVO Receives Funding from Coastal Credit Union
Investment will expand Aperture, AKUVO’s flagship delinquency management platform
Malvern, PA – AKUVO, a technology-based Credit Union Service Organization (CUSO) specializing in portfolio risk and delinquency management for financial institutions, today announced an investment from Coastal Federal Financial Group (CFFG), a CUSO of the $4.5B Coastal Credit Union, based in Raleigh, N.C.
This investment, along with a recent private funding round, will be used to accelerate the development and marketing of the company’s flagship product, Aperture. Aperture is the industry’s first integrated portfolio analytic and delinquency management platform developed from the ground up for the cloud. Built on the Microsoft Azure platform, Aperture features the latest data science tools, like AI (Artificial Intelligence), Machine Learning and Natural Language Processing.
“The significant interest, and this financial investment we’ve seen, validates a confidence that credit unions have a genuine desire to partner with fintechs like AKUVO. The ability to leverage AI and other applications of data science will allow credit unions to thrive and accelerate growth in today’s complex and competitive environment,” said Jay Mossman, Founder and CEO of AKUVO.
“We’re excited about our partnership with AKUVO and are looking forward to being able to employ the Aperture technology to further optimize our operations, “said Jim Pack, Coastal Credit Union’s chief member service officer.
AKUVO creates, delivers, and supports data-driven technology and services that are rooted in the latest data science applications, including machine learning, artificial intelligence, and natural language processing. We strive to ensure credit unions have the right tools and technology to compete and win in the financial services market.
Coastal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services. Coastal was chartered on August 31, 1967 with the mission of fostering the credit union philosophy of “people helping people.” Today, with $4.49 billion in assets, Coastal serves 296,000 members from 1,800 business partners and is among the leading financial institutions in North Carolina. Coastal operates 23 branches in central North Carolina and serves members in all 50 states through a network of 5,000 shared branches, 30,000 surcharge-free ATMs, mobile banking featuring mobile check deposit, and a robust offering of online services at www.COASTAL24.com. For more Coastal news, visit our online newsroom.