DETROIT–Bankjoy, a digital banking provider, announced a funding round led by Des Moines, Iowa-based Curql Collective, a credit union service organization that invests in fintech innovation for credit unions, with the potential to revolutionize how people engage with their money.
The amount of the funding round wasn’t disclosed.
Curql’s limited partners of investing credit unions, CUSOs, and credit union leagues span 29 states and represent institutions of all sizes. These partners identify, assess, invest in, and often establish partnerships with Curql’s portfolio companies, demonstrating the strategic value of Bankjoy’s product offerings. In addition to the funding from Curql, several of Bankjoy’s current and prospective credit union clients, including Yuma, Ariz.-based AEA Credit Union, South Bend, Ind.-based Community Wide Federal Credit Union and Flowood, Miss.-based Statewide Federal Credit Union have invested in the company’s latest funding round, a testament to the value Bankjoy delivers for its client base.
As a Y Combinator-, Bessemer Venture Partners-backed company, Bankjoy has consistently experienced solid growth since being founded in 2015. Today, Bankjoy’s clients include more than 60 financial institutions nationwide and the company’s end-to-end digital banking platform is now accessible to more than one million credit union members and bank account holders. With this latest funding, Bankjoy will leverage the funds to support its continued growth and facilitate ongoing product innovation to provide a best-in-class digital banking experience.
Engineered by credit union executives, Bankjoy delivers modern banking technology, including mobile and online banking, e-statements, online account opening, online loan origination, and conversational AI to financial institutions of all sizes. Bankjoy has continued to evolve its digital offerings, rolling out several new features and functionalities this year, such as its new, standalone online account opening solution and its new business banking platform, both of which have seen rapid adoption among Bankjoy’s clients and their members.
“As we see interest rates continue to rise, competition for deposits will likely intensify over the next 12 months among financial institutions and these trends will influence the digital transformation strategies for community banks and credit unions,” said Michael Duncan, CEO of Bankjoy. “Online and mobile banking apps have a serious impact on member and account holder satisfaction. Research from Deloitte reveals that frequent mobile banking users, defined as individuals who accessed mobile banking at least once in every two weeks in the last year, are more satisfied with their primary financial institution than non-users, demonstrating that the digital banking experience plays an important role in helping financial institutions retain and grow deposits.”
Said Nick Evens, president and CEO of Curql Collective: “We are proud to invest in Bankjoy, as we believe the right technology can positively impact how credit unions engage with their members and how members engage with their money. We look forward to supporting Bankjoy’s next growth phase and helping more forward-thinking credit unions deliver digital banking experiences that exceed their members’ expectations.”
Launched in 2020, Curql is steered by a collective of forward-thinking credit unions, including former founders, operators, and leaders in the fintech and investment spaces. The group’s flagship – Curql Fund I – invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money. For more information, please visit www.curql.com.
Detroit-based Bankjoy delivers modern banking technology, including mobile banking, online banking, and a banking API to banks and credit unions — big and small. The company prides itself on creating beautiful products with advanced features, simple navigation, modern look and feel, and world class user experiences shaped by talking to users. Bankjoy is a Y Combinator- and CheckAlt-backed company. For more information, visit www.bankjoy.com.