TLDR:
Key Points:
- Ascent worked with CUSO and corporate VC investors to penetrate the credit union space
- Reseda Group and TruStage Ventures collaborated to help portfolio companies like Ascent
Data platform Ascent collaborated with investors in the CUSO and credit union space to expand its services targeting credit unions. This collaboration involved Reseda Group and TruStage Ventures. Reseda Group focuses on helping Ascent understand the nuances of selling to credit unions and only invests in solutions that benefit their parent company, MSU Federal Credit Union. TruStage Ventures, on the other hand, supports solutions for the entire credit union ecosystem, ensuring potential for scale.
CUSOs + Corporate VC
The biggest challenges in aligning CUSO and corporate VC priorities were navigated by focusing on shared goals of connecting fintechs with credit unions. Ascent’s solution addresses data integration and automation challenges across various business lines, making it attractive to investors.
Tech firms working with CUSO and CVC investors
For established fintechs, effectively leveraging relationships with different investor types like CUSOs and corporate VCs involves being precise in requests, understanding their strategic role, providing regular updates, equipping them with necessary tools, staying aligned with their strategic developments, and exploring hidden opportunities.
Evolving ecosystem approach
The economic turbulence of the past year led to a shift in how Ascent works with investors and deploys innovation, focusing on strategic resource allocation and co-innovation. Communication with investors became more transparent, and partnerships were strengthened to accelerate development.
Beyond just capital
Aside from capital investment, the CUSO and corporate VC investors provided strategic guidance, industry expertise, and extensive networks to help drive Ascent’s success at MSU Federal Credit Union. This collaboration involved refining product offerings and go-to-market strategies.
Helping CUs wrangle data
Ascent targeted capability gaps at financial institutions, emphasizing enhanced member experience through unified data integration and AI-driven insights. Their no-code platform simplifies data unification, allowing institutions to offer personalized services and improve decision-making.
Overall, the collaboration between Ascent, CUSOs, and corporate VC investors showcases the importance of strategic partnerships and industry relationships in driving fintech growth within the credit union space.
