Reset, an embedded earned wage access (EWA) platform designed for credit unions and community banks, has closed a $6m seed funding round, bringing its total capital raised to more than $8m.
More than two-thirds of the round came directly from credit union customers, with investors including Georgia’s Own Credit Union, InTouch Credit Union, Chartway Credit Union, VyStar Credit Union, and One Washington Financial, a WSECU holding company.
Additional backers include Curql, a strategic investment fund serving the community financial institution sector with over 160 credit union limited partners; Navari, formerly known as CUSG; and the Bankers Helping Bankers Fund, which represents approximately 30 community banks among its limited partners.
The capital will be directed towards expanding sales and implementation capacity, advancing product development, and accelerating deployments already in progress.
Reset’s platform integrates directly into a financial institution’s existing technology infrastructure, enabling members to access their wages daily on a fee-free basis through a card issued by the credit union itself.
The model is designed to strengthen direct deposit relationships, with members unlocking greater spending capacity as their deposits grow. Leveraging the latest card network technology, the platform helps credit unions generate premium credit interchange revenue on everyday transactions such as groceries, fuel, and utility payments.
Internal case study data illustrates the platform’s impact: Reset cardholders show an average 27% increase in deposits to their credit union, maintain checking account balances 36% higher than previous levels, and generate 20% more credit interchange revenue for their institution. Separately, 100% of respondents in post-launch member surveys reported that Reset had improved their financial stability.
Reset has signed multiple multi-year enterprise contracts with credit unions, generating revenue through a platform subscription, implementation services, and interchange revenue sharing with its financial institution partners.
Reset CEO and co-founder Matt Dicou said, ““When your customers lead your funding round, there is no clearer market signal.
“These credit unions aren’t just writing a check. They’re making a decision about where they want to take their members, their institutions, and the credit union industry. They see that Chime and other neobanks are successfully recruiting people away from credit unions today. Our credit union partners already have trusted member relationships. We give them what they need to remain the primary financial home.”
InTouch Credit Union president and CEO Kent Lugrand said, “We’re not just going to sit back and watch our members leave for neobanks. Chime earned hundreds of millions in new revenue and acquired billions in new deposits in their first year offering earned wage access — and many of those deposits came from credit unions like ours. Partnering with Reset gives us the ability to fight back and stay relevant for the members who depend on us the most.”
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