AUSTIN, Texas — A new CUSO has been launched here with $4 million in private equity and debt financing.
As part of the funding round, the CUSO, Sync1 Systems, LLC, has merged with FI-Mobile, an Austin, Texas-based provider of mobile banking solutions.
The company was founded by Austin entrepreneurs Steve Maloney, Bruce Callen and Dan Chaney. In 2002, they founded credit union lending technology provider Teres Solutions, which was acquired in 2008 by CRIF.
According to the CUSO, the cash infusion and mobile banking expertise of FI-Mobile will help Sync1 deliver a new loan origination platform designed to support the changing business and member needs of the credit union lending landscape. Sync1 Systems said it will launch a newly architected digital banking and loan origination platform in early 2017.
“The founders of Sync1 Systems understand the unique needs of credit unions and their customers. They also have the technology expertise and business acumen needed to help organizations like ours succeed in the competitive world of lending,” said Richard Epley, CEO of Auto Financial Group. “We look forward to working with the Sync1 team to tap into a growing number of business opportunities that this new landscape promises.”
“On the heels of the financial crisis of 2008, the world of credit union lending was transformed. Consumers are now digital, lending requirements are changing once again, and the marketplace for customers has broadened,” said Steve Maloney, CEO of Sync1 Systems, in a statement. “For nearly two decades, we’ve helped credit unions to successfully navigate these shifting tides. Sync1 Systems is an entirely new technology platform architected from the ground up to help credit unions succeed in this new world.”
For info: www.sync1systems.com.