Corporate Central Credit Union on Tuesday announced the launch of Emerging Ventures, a venture capital fund aimed at boosting credit unions’ capabilities as an industry through innovation and strategic investments.
Those are largely likely to be focused on the fintech space, according to a press release from the corporate credit union on Tuesday.
The group will be led by Gregg Tushaus, Corporate Central’s chief technology and strategy officer.
“Emerging Ventures is targeting investments of $100,000 to $400,000 in seed, series A or series B rounds of companies that align with our strategies,” Tushaus said. “We are seeking a return on our investment appropriate for the risk, yet we are seeking strategic investments for the benefit of our members, not just financial investments.”
A team of five will evaluate individual investment opportunities, perform due diligence and choose which investments go before Corporate Central’s board for approval. All investments are required to comply with regulations from the National Credit Union Administration.
Emerging Ventures plans to focus on investments in financial wellness, value-added services via technology and more.
