CU Solutions Group Announces Acquisition of CU Wallet
Livonia, MI (Dec. 13, 2016) – Today CU Solutions Group® (CUSG) and CU Wallet announce a pending agreement whereby CU Solutions Group will become the majority owner of CU Wallet. The transaction proposed is an exchange of stock whereby Class A’ unit holders of CU Wallet will gain shares in CU Solutions Group for their 60% ‘Class A’ CU Wallet units.
CU Wallet was founded in 2013 to meet the needs of credit unions’ increasingly mobile membership. CU Wallet’s on-device application and back-end infrastructure enables credit union members to simply and safely make mobile purchases with any payment card on any device across multiple communications technologies, providing an easier way to pay and a more seamless, end-to-end consumer experience. CU Wallet’s innovative technology was designed to help keep credit unions ahead of the curve, attract millennial members and create a sustainable revenue stream. The company offers:
1.) CU Wallet Application – a custom branded app for a financial institution which may be deployed as a stand-alone app (independent of the institution’s mobile banking product) or integrated with select mobile banking apps, and includes the following wallet features: Coupon Offers, Card-linked offers, in-store payments, merchant directory;
2.) Remote ATM Withdrawal – a custom branded application for a financial institution that provides the ability to add an ATM card to the wallet and make ATM withdrawals at institution owned machines using the app, without the need to insert the debit card into the machine;
3.) Two more exciting applications will be announced early 2017.
This acquisition accelerates CU Solutions Group’s efforts to be an active provider of technology solutions and to enhance its services and mobile development efforts for the benefit of credit unions. CU Wallet’s proven expertise in developing mobile platforms will support CU Solutions Group’s work to bring new, innovative and secure solutions to market. It will allow CU Solutions Group to play a more strategic role in the evolving US mobile payments ecosystem, by leveraging CU Wallet’s innovative shopping and payments platform, industry expertise and strategic partnerships.
“CU Solutions Group sees great synergy with the CU Wallet vision,” said Dave Adams, Chief Executive Officer of CU Solutions Group. “We are interested in offering credit unions an array of mobile lifestyle apps that include a shopping/payments app such as CU Wallet.”
“CU Solutions Group is committed to bringing great technology solutions to a wide group of credit unions not just the very largest,” Adams said. “The goal is obviously to help credit unions maintain card interchange income and add value to their card offerings in a very dynamic payments space. We also see an opportunity to help fund and build upon the creative energy that Paul Fiore and his team bring to this technology. We look forward to this alliance that will help us with these objectives."
“Today’s announcement represents a significant milestone in our company’s history and our team is thrilled to work together with CU Solutions Group to deliver innovative mobile solutions for credit unions,” said Paul Fiore, CU Wallet’s Chief Executive Officer and founder. “Like CU Wallet, CUSG is a credit union service organization, so this partnership furthers our aligned mission to provide credit unions with innovative technology that’s 100% driven by a team charged with serving their unique interests. The CU Wallet white label application that’s in market today offers credit union members a secure, compelling and convenient digital shopping experience, making it an ideal complement to CU Solution Group’s already robust suite of product and service offerings.”
CU Solutions Group and CU Wallet expect to finalize the arrangement in the first quarter of 2017.
About CU Solutions Group
Founded in 1996, CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing and performance. The company is majority-owned by the Michigan Credit Union League and has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations. Headquartered in Livonia, MI, the organization serves nearly 4,000 clients nationwide and has strategic partnerships with Sprint, Intuit, Gas Station TV and RapidAdvance. For more information, visit CUSolutionsGroup.com.
About CU Wallet
CU Wallet is a leading provider of mobile technology solutions headquartered in Los Angeles, CA. The credit union service organization works with best-of-breed technology partners to deliver an innovative, seamless, end-to-end mobile member experience. CU Wallet enables more than 100 regional and community financial institutions to deliver a robust, self-branded suite of digital shopping and payments services to their account holders. For more information about CU Wallet, visit: CUWallet.com.