Mahalo Banking raises $20 Million to Further Accelerate Growth in Mobile and Online Banking Services
Investments from three of its prominent credit union partners; Superior CU, Park Community CU and Dover FCU
TROY, Mich., July 19, 2022 – Mahalo Banking, a CUSO that provides online and mobile banking solutions for credit unions, completed a $20 million funding round this month that was led by Ohio-based Superior Credit Union, Ky.-based Park Community Credit Union and Del.-based Dover Federal Credit Union. The additional capital enables Mahalo to continue the resounding momentum that it has experienced over the past two years and will be heavily allocated toward research and product development, helping fuel Mahalo’s proven commitment to ongoing innovation in Digital Member Service.
Phil Buell, president and CEO of Superior Credit Union, said, “We were early adopters of Mahalo Banking and after implementation our members let us know that the solution not only met their needs but also exceeded their expectations. Mahalo aligns with our business philosophy; they are member-centric, critically-focused and have strong values matched with unparalleled integrity. We have more than 100,000 members and the investment in Mahalo is an investment in our members’ banking future.”
President and CEO of Mahalo Banking Jim Stickley, said, “We are excited to be partnering with Superior Credit Union, Park Community and Dover Federal. They appreciate our vision as a CUSO to advance our platform to provide the best banking experience possible to all credit unions. We did not look for VC funding – we wanted a credit union-focused investment. This ensures that we are providing the digital banking services that today’s savvy members demand in everyday banking needs and that credit unions have what they need to retain and grow their member base. These credit unions share our vision to have the best digital banking solution on the market.”
Buell continued, “Superior’s long-term strategic goal is to be digital first. Our members are banking online and via their mobile phones. We thought we could invest in another branch or meet our members where they do business, so it was a sound business decision to invest in the biggest branches they use; mobile and online. Mahalo is our partner in bringing solutions to credit unions to enable them to bank the way they want to bank. The solution is sustainable and built for the long term.”
Mahalo solutions-oriented platform was designed by individuals who have worked in the credit union industry as well as ones in security to ensure credit unions deliver mobile and online banking experiences using superior architecture. The company provides deep integrations into credit union cores boasting robust and secure feature sets across all delivery platforms for a true omni-experience.
“Digital banking usage continues to outweigh the branch as the primary channel for members to engage with their credit union,” Stickley continued. “The future of member service is digital, and those that have yet to take steps to modernize their support and engagement strategies are already behind.
“The Mahalo platform focuses on where credit unions are moving so their members receive the digital experience they deserve. Credit unions are member-focused, and we are credit union-focused. We want to offer them a platform to elevate the member experience by providing needed support and insights, while fostering a price competitive environment to help all asset size credit unions gain a technological advantage to retain and grow their membership.”
Mahalo Banking provides online and mobile banking solutions for credit unions. Based in Troy, Mich., the Mahalo platform is designed and built on superior architecture with deep integration to core processing, providing security and a robust feature set across all delivery channels for a true omni experience. Mahalo banking is feature-rich and price competitive to help all credit unions achieve a technology advantage in the marketplace.
About Superior Credit Union
Superior Credit Union, Inc., headquartered in Lima, Ohio, is a member-owned financial cooperative that serves 100,000 members at 23 Western Ohio offices. With assets of over $1.4 billion, the credit union provides consumer and mortgage loans, real estate brokerage, investment and retirement planning, insurance services, checking and savings accounts, and small business services and loans. For more information about Superior Credit Union, please visit www.superiorcu.com.
About Park Community Credit Union
Established in 1965 to serve employees of General Electric (GE) Appliance Park, Park Community Credit Union serves more than 85,000 members across Kentucky and Southern Indiana. With over $1.1 billion in assets, 15 branches, 29 ITMs, and the latest in digital banking technology, Park is the largest CDFI (Community Development Financial Institution) in Kentucky. For more information about Park Community Credit Union, please visit www.parkcommunity.com.
About Dover Federal Credit Union
Dover Federal Credit Union was first chartered in 1958 by a handful of Air Force and civilian workers on Dover Air Force Base. Today Dover Federal serves over 45,000 members, 450 Workplace Partners, and has eight locations throughout the state of Delaware. Dover Federal continues to help its members get there, wherever that may be. To learn more about Dover Federal Credit Union, visit any of their branches or visit them on the web at www.doverfcu.com.