Umpqua’s innovation arm signs two global partnerships

Pivotus Ventures, the digital banking subsidiary of Umpqua Holdings in Portland, Ore., announced partnerships this month with multiple banks across the globe.

Pivotus announced Thursday that CUA, Australia’s largest credit union, with about $10 billion in assets, has joined its international banking collaborative and will begin offering Pivotus’ digital platform to its customers in 2018. Earlier this month, De Volksbank, the Netherlands’ fourth-largest bank, with roughly $73 billion in assets, joined Umpqua and Nationwide Building Society, a British financial institution, in a collaborative project focused on digital innovation.

Pivotus, of Menlo Park, Calif., was formed in 2015 with the mandate to develop, test and deliver new digital solutions.

“Pivotus’ vision to transform digital banking and customer experience has taken an important step forward,” Ray Davis, Pivotus' CEO and the former CEO of the $25.3 billion-asset Umpqua, said in a press release. “From the beginning, our goal has been to create a truly global collaborative—one that leverages the unique expertise of an international core of financial institutions, as well as their shared commitments to digital innovation and human connection."