Mahalo Banking, which provides online and mobile banking solutions for credit unions, has raised $20m in funding.
The round was led by Ohio-based Superior Credit Union, Park Community Credit Union, and Dover Federal Credit Union.
Based in Michigan, the Mahalo platform, which was designed by individuals who have worked in the credit union industry as well as in security, aims to help all credit unions achieve a technology advantage in the marketplace.
The capital will enable Mahalo to continue the “resounding momentum” that is has experienced over the past two years and will be heavily allocated toward research and product development.
Phil Buell, president, and CEO of Superior Credit Union, said, “We were early adopters of Mahalo Banking and after implementation our members let us know that the solution not only met their needs but also exceeded their expectations.
“Mahalo aligns with our business philosophy; they are member-centric, critically focused and have strong values matched with unparalleled integrity. We have more than 100,000 members and the investment in Mahalo is an investment in our members’ banking future.”
Digital banking solution developer Apiture scored $29m in a funding round earlier this month, which was led by Live Oak Bank.
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