Mahalo Banking Raises $20 Million to Further Accelerate Growth in Mobile and Online Banking Services
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 partnered 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.”