Payfinia, a credit union service organization (CUSO) that provides an open payments framework, has received an investment from Patelco Credit Union in Dublin, Calif.
The CUSO didn’t disclose the amount of the investment from the $9.5 billion-asset Patelco.
Kal Majmundar, Patelco’s chief technology officer, joined the Payfinia CUSO board.
“At Patelco, we are committed to delivering modern financial experiences that evolve alongside our members’ needs,” Majmundar said in the release. “Through our investment in Payfinia and participation on the CUSO Board, we are helping shape the future of embedded payments while delivering payment experiences that are faster, more secure and seamless for our members and business partners.”
“Patelco brings tremendous technology leadership and strategic vision to Payfinia,” Payfinia CEO Keith Riddle said in the release. “Its investment demonstrates a shared commitment to building the next generation of payment infrastructure and embedded payment experiences for credit unions. We are especially excited to welcome Kal to our Board, where his deep expertise in enterprise technology, digital transformation and innovation will help guide our continued growth and ensure we’re delivering solutions that help credit unions succeed in the quickly growing payments ecosystem.”