Credit union tech provider Mahalo Banking has raised $20 million to support its next phase of growth.

Mahalo Banking lands $20m in funding

The funding round was led by Ohio’s Superior Credit Union, Kentucky’s Part Community Credit Union and Delaware-based Dover Federal Credit Union.

As a credit union service organisation (CUSO), Mahalo Banking provides online and mobile banking solutions for credit unions and will use the additional capital to support further product development.

Mahalo says its platform was designed by individuals who have worked in the credit union industry and the company provides “deep integrations into credit union cores”.

President and CEO of Mahalo Banking Jim Stickley says: “We did not look for VC funding – we wanted a credit union-focused investment.”

Phil Buell, president and CEO of Superior Credit Union, adds his firm was an early adopter of Mahalo Banking and the company “aligns with our business philosophy”.

The credit union is utilising Mahalo’s tech to push forward with its digital-first strategy as it looks to “meet our members where they do business” and further enhance its online and mobile offering.

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