CMFG Ventures, the venture capital arm of CUNA Mutual Group and Filene Research Institute, has launched its FinTech Catalyst Incubator.
The goal of the program is to test new FinTech products and services in credit unions. Both FinTech and InsurTech products will be tested to see if they fill system gaps or create new opportunities for credit unions to innovate, grow, and better serve members.
Any startup wishing to take part in the incubator simply has to sign-up to become a test company.
Each test company has its product tested by a group of up to 12 credit unions from various asset sizes, locations and consumer demographics for six months. During this period, participating credit unions will receive tools and support from Filene Research Institute to trial the hypothesis.
The companies and credit unions can share feedback and insights throughout the testing period, helping with taking the next steps, such as product launches.
Align, which bases ISA payments on a percentage of an income, is the first company to undergo a test.
CMFG Ventures managing director Brian Kaas said, “Tomorrow’s financial products and services are being funded, supported, and validated by CMFG Ventures today to improve the financial stability of credit union members in the future.
“We are committed to the success of our entrepreneur partners and that commitment goes beyond funding, which is why we’re so pleased to partner with one of the country’s leading research organizations, Filene Research Institute, to test companies and ideas for desirability, viability, and feasibility.”
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