Service Credit Union Helps Launch New AI Development and Monetization Platform

By W.B. King

With the goal of allowing users to build banking applications in minutes using artificial intelligence, Service Ventures, the independent venture capital arm of Service Credit Union, announced it is investing in Fias, Inc., an AI platform company.

The Fias platform, which is currently in closed beta, will provide the required tools to develop, publish and monetize new, innovative applications. “Users will have a one-stop shop for their software application needs, built on top of a secure, AI-accessible data store, and with proprietary guardrails managed by the DevvX blockchain platform,” said Tom Anderson, CEO of Fias.

“It is incredibly powerful to have all of your data and applications in one easily expandible place, at a fraction of the cost of traditional SaaS platforms,” Anderson added. “We address the biggest challenge in AI today, which is monetizing one’s AI work. The software world has changed dramatically over the past 10 months, and in this new era of software where anyone can create an application quickly, easily, and inexpensively, the old SaaS business models no longer make sense.”

Anderson noted that Fias is representing “a new future for software where AI assistants, AI agents, automation, and personal customization,” which will help define “a new reality for how we interact across our digital worlds.” Based in Albuquerque, N.M., the fintech operates a marketplace and monetization infrastructure for AI models, agents and applications, together with a growing suite of first-party business applications built and enhanced with AI, he said.

A New Generation of Business Software

The $6 billion Portsmouth, N.H.-based Service Credit Union supports more than 350,000 members at 50 branch locations. Service Credit Union President and CEO David Arajuo explained that Fias and Service Ventures have also entered into a partnership to design and build a new generation of business software created and enhanced with AI and blockchain technology, which he noted is intended to serve credit unions, their individual members, and their business members.

“What drew us to Fias is that they are not adding AI onto software built for a previous era,” said Araujo who has served in his current role more than seven years. Prior to this post, he spent 14 years at Digital Federal Credit Union, last serving as its SVP of Technology and Innovation.

“They are building with AI from the ground up, giving us the ability to bring members capabilities that would not have been possible a year ago. Fias empowers credit union employees, regardless of role or prior training, to explore new ideas and engage with technology in a low-risk, non-production environment,” Araujo said. “By lowering barriers to innovation, the platform can help create a culture of creativity and problem-solving that ultimately benefits our members.”

Improving Operational Excellence

Founded in 2024, Service Ventures was launched “to allow the credit union to keep an eye on the future and further drive its mission of improving members' financial well-being while also helping improve member experience.” The firm invests in early-stage financial technology companies that align with the credit union philosophy of people helping people, and seeks partnerships that improve interactions, accessibility and operational excellence across the credit union landscape, explained Brian Regan, General Partner of Service Ventures. The firm’s portfolio includes fintechs such as ModernFi, Confer, ScribeUp, Casap, and Saris AI.

“Service Ventures invests early in teams that can move the credit union industry, and Fias is one of them,” said Regan. “Its founders bring three decades of AI and blockchain work in highly regulated environments, and their platform lets subject matter experts build enterprise-ready solutions themselves — displacing millions in software spend and driving efficiency across teams. We are excited to partner with Fias and bring this to credit unions everywhere.”

Regan added that development work under the partnership has begun, with initial credit union applications expected to be piloted with Service Credit Union “ahead of broader availability to the credit union industry.”