Press
CUNA Partners with Fynanz, Inc
Published February 22, 2010 In a deal to make student lending more readily available to credit unions, private student loan platform provider, Fynanz, and CUNA are negotiating a partnership deal to promote the Fynanz student lending program.
As of press time, no official deal had been signed, but CUNA said it was close to completing due diligence for Fynanz to become a CUNA Strategic Services partner.
“We’re continuing to make positive progress with our due diligence and are moving along the timeline. The partnership is not completed yet, but at this point in the process, we have not discovered any issues that would keep us from moving forward,” said Wes Millar, vice president of CUNA strategic alliances.
Fynanz, Inc. to Offer Private Student Loan Program through New Alliance with CUNA Strategic Services
NEW YORK, NY – February 22, 2010 – A new alliance between CUNA Strategic Services and Fynanz, Inc. will help credit unions get a piece of the private student loan market to help them attract new members and assist borrowers with financing their tuition and achieving their higher education goals. Private student loans provide value to students in need of education financing while helping credit unions develop lasting relationships with younger members, which helps them build members for life.
“Fynanz provides the powerful combination of helping credit unions grow their loan portfolios and increase their reach into the high school and college demographic,” said Wes Millar, senior vice president for CUNA Strategic Services. “The youth market is critical to credit unions’ growth.”
Minnesota Credit Unions Join Growing cuStudentLoans.org Customized Private Student Lending Marketplace
New York, NY – February 22, 2010 — Fynanz, Inc., the financial technology company that develops customized private student lending solutions and powers the cuStudentLoans.org private student loan marketplace, is pleased to announce a partnership with seven leading Minnesota credit unions: Members Cooperative Credit Union; Hermantown Federal Credit Union; North Memorial Federal Credit Union; St. John’s of Little Canada Credit Union; SouthPoint Federal Credit Union; Cities Credit Union and Northwoods Credit Union.
Recognizing the need for private student loans in Minnesota, these leading credit unions have banded together to bring a funding solution to students and their families. With college enrolment at an all time high, paired with the escalating cost of tuition, private student loans provide families with a complimentary product to assist them with funding higher education. The seven Minnesota credit unions are offering the EdAccess private student loan, which is available through the cuStudentLoans.org marketplace. The loan includes a financial literacy component that helps students learn good credit habits and build their credit score while they are still in school.
Fynanz Inc. Appoints Three New Members to Its Expanding Team
NEW YORK, NY – February 19, 2010 – Fynanz, Inc., the financial technology company that develops customized private student lending solutions and powers the cuStudentLoans.org private student loan marketplace is pleased to announce three recent additions to its team: Eric Moore, Director of Loan Operations; Gert Ford, Eastern Regional Acocunt Manager; and Liz Shonkwiler, Western Regional Account Manager
“To support our national expansion and to continue to provide quality service to our credit union partners and their members, we’ve made an investment in building a team of highly qualified employees,” said Vince Passione, CEO and Founder. “It is especially gratifying to welcome the addition of these new team members.”
Fynanz, Inc. Closes $6.5M in Series A Funding
NEW YORK, NY – February 1, 2010 – Fynanz, Inc.,the financial technology company that provides fully integrated, turn-key private student lending platforms, today announced that it has closed $6.5M in Series A funding from a group of investors led by Draper Fisher Jurvetson (DFJ), a leading global venture capital firm (based in Menlo Park, CA) and DFJ Gotham Ventures (based in New York, NY), with participation from The Brazos Group (based in Waco, TX), Zelkova Ventures (based in New York, NY) and JBR Media Ventures (based in Chevy Chase, MD). Fynanz will use the funds for the continued national expansion of www.cuStudentLoans.org, the leading credit union private student lending marketplace, and the development of additional lending programs including financial literacy initiatives. The financing follows a previous investment led by DFJ Gotham Ventures that also included Brazos and Zelkova.
“Our current credit union partners are very committed to the private student loan market and Fynanz looks forward to expanding our credit union network nationally”, said Vince Passione, CEO & Founder of Fynanz. “We are pleased to be working with DFJ and the other members of this investment group.”
Fynanz Steps Up To Fill Student-Loans Gap With $6.5M Series A
Published Mon, Feb 1 2010 The recent struggles in the economy have created two situations that could be a boon to Fynanz Inc.: more people are going back to school and fewer lenders are willing to help.
The New York-based company, which has closed a $6.5 million Series A round, has developed a turn-key technology platform for underwriting, originating and servicing private student loans. Students and families are increasingly turning to private loans as the cost of higher education continues to outpace increases in federal student loan program limits. Private student loans offer students and families a resource to help bridge the funding gap that exists between the actual cost of higher education and federal aid, grants and scholarships available.
Credit Union's Loan Program Adds Financial Literacy to College Student's Yearly Studies
Published Wed, Dec 9 2009 6:54 am Members Cooperative Credit Union in Cloquet is the first Minnesota credit union to join a cooperative student lending network, cuStudentLoans.org , which dispenses lessons in financial literacy as it hands out student loans.
While in school, students have to make a monthly $25 payment that is applied to interest and principal on their loans, getting them used to paying for their loans along with pizza and beer. In addition, the underwriting on the loan is rewritten each year, giving students the opportunity to lower their interest rates through their own academic performance.
Fynanz Student Loan Program Expands Its Growing Network Into Minnesota
Published November 25, 2009. After launching the cooperative student lending network, cuStudentLoans.org, with the New Jersey credit unions this past May, student lending solutions and technology provider Fynanz is expanding the network to Minnesota.
Members Cooperative Credit Union in Cloquet, Minn., has joined tri-state area credit unions in the network as the first participating credit union in Minnesota. Currently 21 credit unions in New Jersey, Pennsylvania, New York and now Minnesota participate in the network. The cuStudentLoans.org network works as a cooperative studen lending program where the participating credit unions pool funds and spread risk. Each credit union owns 10% of the loans distributed.
Minnesota CU Joins Student Lending Network
Published November 23, 2009 I New York, NY. A northern Minnesota credit union has become the first in that state to join the network of credit unions using the Fynanz Inc. turnkey private student lending platform, the company said.
“Credit unions have historically not been very involved in the private student loan marketplace and this has hurt their ability to retain and attract young members. We think that this program, coupled with a number of our other youth focused initiatives, will help us better meet the needs of younger members,” said Robbie Thompson, vice president and general counsel at $277 million Members Cooperative CU in Cloquet, Minn.
Members Cooperative Credit Union Joins cuStudentLoans.org Private Student Lending Network
New York, NY, November 11, 2009 – Fynanz Inc., a leading provider of turn-key private student lending solutions to credit unions and technology provider that powers the cuStudentLoans.org lending network, today announced that Members Cooperative Credit Union has joined the Fynanz network as the first credit union partner in Minnesota. They join the growing number of credit unions leveraging the Fynanz platform to offer private student loans to their members.
“We are looking forward to having Members Cooperative Credit Union participate in the cuStudentLoans.org private student lending network,” said Vince Passione, CEO of Fynanz. “The addition of Members Cooperative CU is important to Fynanz as we expand our national footprint. The credit unions participating in the network make education financing possible for a growing number of students and having Members Cooperative Credit Union as a partner will be beneficial to all involved.”