Mahalo Banking, a CUSO that provides online and mobile banking solutions to credit unions, completed a $20 million funding round this month led by Ohio-based Superior Credit Union Park Community Credit Union , based in Kentucky, and Dover Federal, based in Del. Box. The additional capital allows Mahalo to continue the tremendous momentum it has enjoyed over the past two years and will be heavily allocated to research and product development, helping to fuel Mahalo’s proven commitment to continuous innovation. in the digital service to members.
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 corporate philosophy; they are member-centered, critical-thinking, and have strong values with unparalleled integrity. We have over 100,000 members and investing in Mahalo is an investment in our members’ banking future.
Mahalo Banking President and CEO Jim Stickley said: “We are thrilled to partner with Superior Credit Union, Park Community and Dover Federal. They appreciate our vision as CUSO to advance our platform to provide the best possible banking experience for all credit unions. We didn’t seek venture capital funding – we wanted a credit union-focused investment. This ensures that we provide the digital banking services today’s savvy members demand for their day-to-day banking needs and that credit unions have what they need to retain and grow their membership base. These credit unions share our vision of having the best digital banking solution on the market.
Buel continued, “Superior’s long-term strategic goal is to be digital first. Our members do their banking online and through their mobile phones. We thought we could invest in another branch or meet our members where they do business, so it was a good business decision to invest in the larger branches they use; mobile and online. Mahalo is our partner in providing solutions for credit unions to enable them to bank the way they want. The solution is durable and built for the long haul.
The Mahalo solutions-oriented platform was built by people who have worked in the credit union industry as well as security to ensure credit unions deliver mobile and online banking experiences using superior architecture. The company provides deep integrations into credit union cores offering robust and secure feature sets across all delivery platforms for a true omni experience.
“The use of digital banking continues to trump 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 who haven’t yet taken steps to modernize their support and engagement strategies are already behind.
“The Mahalo platform is focused on being the destination for credit unions to ensure their members get the digital experience they deserve. Credit unions are member driven, and we are credit union driven. We want to provide them with a platform to enhance the member experience by providing the necessary support and information, while fostering a competitive pricing environment to help all asset size credit unions gain a technology advantage for retain and develop their members.