The Board of Directors and Steve Maloney, CEO and Founder of Sync1 Systems, LLC, wish to announce the opening of a Round 2 offering of Sync1 capital for a total of $15 million. Sync1 Systems is a best-of-breed FinTech CUSO offering 100% cloud-based loan origination technology, currently serving over 30 credit unions on multiple core system platforms.
Steve Maloney, CEO, and Founder, said, “This Round 2 offering will allow us to continue the innovative development of our cutting-edge lending technologies and expand our abilities to meet and exceed our credit union clients’ expectations in meeting head-on the growing competition to fulfill the lending needs of their credit union members. Our technology is ever evolving, and this new capital allows for strategic flexibility that accommodates many growth scenarios not just limited to organic growth.”
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Director and Board Member Bill Nikolauk, President and CEO of 1st Community FCU, San Angelo, Texas ($360 million), has also stated that this Round 2 offering provides a unique opportunity for other credit unions who believe that the technology that drives their credit unions primary source of revenue should be owned by the credit union and trusted partner CUs with similar strategic values and vision. “Owning shares of Sync1 Systems provides our credit union with more than just an innovative technology; it assures us that we will always have an owner’s voice in the future of this vitally important strategic partnership. It’s nice to know that I wouldn’t wake up one morning surprised to find out that my LOS has been sold, left to wonder when my system was going to be phased out.”
Steve Webb, President, and CEO of the $1.3 billion Neighbors Federal Credit Union, Baton Rouge, Louisiana mentioned neighbors feel strongly that “one of our primary reasons for making a strategic investment in Sync1 was its proven ability to support the needs of the entire CU market asset range, from large multi-billion credit unions like Neighbors to credit unions with less than $50 M. Its team of extraordinary developers and support experts provide the flexibility and nimbleness required to meet the lending product needs of a quickly changing competitive marketplace and for all credit unions.”
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Sync1 Systems technology automates loan-processing workflows and increases loan revenue and market share quickly. With a best-in-class end-user experience, industry-leading cascading auto decision, and risk-based pricing engine consisting of a robust library of business rules and tables, Sync1 is fulfilling its clients’ strategic lending needs, and expects to meet their future needs as well.
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