Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, has grown its CUSO, CU Railz, from six founding members to 13, raising a total of $15 million in investments, committing to Payrailz’ payments products and continues to attract industry attention.
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Since August 2019, CU Railz’ members have not only invested in the CUSO financially, but worked with Payrailz to develop new, innovative payment technologies and experiences for their members that will revolutionize and strengthen their digital relationships.
Open to credit unions and other CUSOs, CU Railz gives members the opportunity to be owners in the CUSO, giving them a voice in the direction of products as well as the ability to share in Payrailz’ success and the capability to deliver new and innovative services to their members. CU Railz members also serve as strategic partners in the development of new payment technologies and experiences that help them compete in today’s highly competitive banking environment.
“As a credit union, the opportunity to collaborate across the industry and to have a say in the products and services that directly affect us is invaluable. Coming together with other organizations that share the same goals and values is not only encouraging, but empowering,” said David Faleski, SVP and CIO of Coastal Credit Union. “CU Railz has opened new door of opportunity for us and ultimately allowed us to take the reins and steer toward a better future for payments.”
In addition, during the last CU Railz board meeting, John Carew, Chief Strategy Officer of Georgia’s Own Credit Union, was appointed to represent the CUSO as a full voting member on the Payrailz Board of Directors. Moreover, as a result of the strong demand to join the CUSO, the CU Railz Board also voted to extend the investor opportunity to other credit unions.
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“I am honored to represent CU Railz and this amazing group of thought leading credit unions on the Payrailz Board of Directors,” commented Carew. “Collectively, the investor CUs have a seat at the Payrailz table, literally. We truly have a voice and direct influence over our payments delivery future. This is a win-win partnership.”
CU Railz stemmed from of a working relationship between Payrailz and established CUSOs Members Development Company (MDC) and Constellation Digital Partners, which are both now referral partners of Payrailz, and includes the following group of investors/members:
- Coastal Credit Union (Raleigh, N.C.),
- Farmers Insurance Federal Credit Union (Los Angeles),
- Georgia’s Own Credit Union (Atlanta),
- Meritrust Credit Union (Wichita, Kan.),
- Teachers Credit Union (South Bend, Ind.),
- TwinStar Credit Union (Lacey, Wash.),
- Unify Financial Credit Union (Torrance, Calif.),
- Evansville Teachers Federal Credit Union (Evansville, Ind.),
- Pen Air Federal Credit Union (Pensacola, Fla.),
- Nusenda Credit Union(Albuquerque, N.M.),
- Purdue Federal Credit Union (West Lafayette, IN)
- Alliant Credit Union (Chicago, IL)
- Unitus Community Credit Union (Portland, OR)
“2020 has certainly proven to be a strong year for CU Railz. Even in the face of a pandemic, the CUSO has grown tremendously and connected us with some incredible credit union partners that share our vision for smarter and more engaging payments experiences,” said Fran Duggan, CEO of Payrailz. “The growth of CU Railz demonstrates the want and need for collaboration in this industry, both between credit unions and fintechs as well as between credit unions themselves. We are incredibly grateful for their support of our vision.”
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