VyStar earmarks $10M for fintech investments

By Jackie Stewart September 24, 2019, 2:53 p.m. EDT 1 Min Read

Joe Colca, VyStar

VyStar Credit Union in Jacksonville, Fla., plans to invest $10 million in fintechs that work with the credit union industry.

Earlier this year, the $8.7 billion-asset institution invested $1.25 million in PayverisCU, a digital payments credit union service organization. VyStar is already seeing value from that deal and is now seeking additional investment opportunities, the credit union said on Tuesday.

"Partnering with fintech companies is an important strategy for VyStar to ensure we are delivering industry-leading solutions," Chad Meadows, chief operations officer, said in a press release. "As a result, VyStar’s goal through these partnerships is to find the like-minded FinTech companies that are laser-focused on delivering value and ultimately the best experience for our membership."

By making these investments, VyStar is able to implement innovation strategies learned from others, Joe Colca, senior vice president of digital experience, said in the press release.

Executive Editor, American Banker Magazine

mailto

For reprint and licensing requests for this article, click here.

Investment strategies

MORE FROM AMERICAN BANKER

100 Days of Trump Administration

How tariff uncertainty is taking a toll on banks

The potential for a global trade war has largely undone the optimism that the industry exhibited at the beginning of the year. Here's a look at three ways that tariffs could negatively impact banks.

By Allissa Kline

1h ago
Fintech

LendingClub's profits get hit by 'macroeconomic uncertainty'

The online consumer lender beat revenue expectations in the first quarter, but its net income was dragged down by larger provisions that the company attributed to tariff "uncertainty."

By Nathan Place

11h ago
Payments

Visa: Spending 'resilient' despite travel slump

The card processor came up short on expected profits but hit analysts' estimates on revenue in the second quarter of its fiscal 2025. CEO Ryan McInerney said growth in payments volume, cross-border volume and processed transactions were strong even in the face of shaky economic conditions.

By Joey Pizzolato

April 29
Risk management

GOP lawmakers mull eliminating 'management' from CAMELS

At a House subcommittee hearing, Republicans proposed "tailoring" regulations for community banks while Democrats railed against Trump's tariffs and cuts to the Consumer Financial Protection Bureau.

By Kate Berry

April 29
Cyber security

How Capital One is eliminating passwords for its employees

The bank's chief technology risk officer details the journey the bank has taken over the last six years, and why it set out to get rid of passwords.

By Carter Pape

April 29
NCUA

Warren, Waters say NCUA lacks quorum to govern

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., and House Financial Services Committee ranking member Maxine Waters, D-Calif., urged the National Credit Union Administration's Inspector general to look into President Trump's removal of two board members.

By Ebrima Santos Sanneh

April 29