Sherpa Technologies partners with fintechs to help credit unions
Sherpa Technologies has partnered with some fintechs to launch a new innovation platform to tackle problems in the credit union industry, reports Jane Connolly.
The US credit union service organisation wants FintechAccel CU to promote collaboration with fintech start-ups in order to solve the industry’s unique challenges.
Sherpa’s flagship digital business platform, Mosaic, will be leveraged – along with innovative testing tools from partner and programme participant, ConnectFSS – to help standardise due diligence, streamline solution vetting and accelerate the distribution of solutions to the
In the first year, the programme will be looking for start-ups which are working on problems prioritised by its participants. These include improving and enhancing member experience, deposit acquisition, lending and digital transformation.
The first cohort of fintechs will be invited to a one-day showcase in Florida in November, where they will receive mentoring, meet potential credit union partners and pitch to industry leaders.
Initial sponsoring programme participants include a number of credit unions, such as Corning, Gulf Winds, Kemba, Virginia, One Nevada and Northrop Grumman Federal Credit Union.
“The credit union industry is an ideal fit to partner with leading fintech companies as they look to retain their competitive advantage in an ever-changing banking landscape that consists of enormous technology budgets,” says Kevin Pohmer, managing director of FintechAccel.
He adds: “FintechAccel CU will provide the platform to identify, evaluate and partner with fintech start-ups to solve some of the major issues facing credit unions today.”
The application process for start-ups opens on 15 August – more information can be found on the website.