PSCU Increases Investment in Lumin Digital to $70 Million
Nation’s premier payments CUSO elevates commitment to industry-leading digital banking platform
St. Petersburg, Fla. — (Nov. 21, 2019) — Lumin Digital, a PSCU company, provides credit union members with a tightly integrated and customized experience that rivals the offerings available from big banks. Eighteen months after the formation of the company, PSCU’s Board of Directors approved an additional $35 million investment for enhanced platform development and distribution infrastructure, bringing the total investment to $70 million.
This additional investment will provide immediate and long-term benefits, including new platform capabilities for retail and business banking, an accelerated buildout of delivery infrastructure to support faster growth, enhanced security, and an elevated investment in sales and marketing.
“Lumin Digital is driving market innovation and delivering on the commitment we made when we announced the platform in 2018,” said Chuck Fagan, president and CEO of PSCU. “Through PSCU’s significant level of investment and the diligent, people-focused approach of the Lumin team, we have built a modern, innovative platform that has been well-received by PSCU’s Owner credit unions. As we successfully execute on our implementations, this additional investment will help us rapidly drive increased scalability of the platform, along with additional market responsiveness and competitiveness. We are excited to further our investment in Lumin Digital and are eager for the momentum we feel confident it will generate.”
Lumin Digital is a cloud-based digital banking platform built using modern, market-leading technology built for human connection. The platform helps credit unions increase member engagement, enhance value and deepen relationships – all at secure speed with minimal risk – by creating a truly personalized journey for members. Lumin Digital’s offering provides seamless access to a wide array of PSCU platforms and services, including card services, data analytics and contact center support. There are currently three credit unions live and in production on the Lumin Digital platform, with an additional six signed agreements in queue for launch.
“Lumin Digital was launched as the first cloud-native platform in the digital banking space to increase member engagement by providing an optimal experience backed by industry-leading predictive analytics,” said Jeff Chambers, president of Lumin Digital. “To meet the evolving needs of our credit unions, we must continually invest in new capabilities for both retail and business banking, provide a market-leading fraud and security program, and have the ability to scale quickly. Our continued partnership with PSCU and the additional investment approved by the Board of Directors allows us to accomplish these objectives.”
For more information about Lumin Digital, visit lumindigital.com.
About Lumin Digital
Lumin Digital, a PSCU company headquartered in San Ramon, Calif., delivers digital banking solutions to credit unions across the United States. Founded by financial technology experts, Lumin Digital is working to redefine digital banking with its proprietary member engagement platform, providing credit unions with a solution that allows them to quickly and safely adjust to their member needs. Through the use of Lumin Digital’s member data and predictive analytics, credit unions have the ability to create custom experiences for members, creating a truly personalized journey that helps their members thrive while building a connected relationship. For more information, visit lumindigital.com.
PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 3.8 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.