Fynanz Inc. has added six credit unions to its student lending platform, raising its total number of credit union partners to more than 150, the company announced.
Maroon Financial CU, a $30 million, Chicago-based CU serving the University of Chicago; ORNL FCU, a $1.3 billion CU based in Oak Ridge, Tenn.; Corning CU, a $900 million, Corning, N.Y.-based CU; Caltech Employees FCU, a $1 billion, La Canada, Calif.-based CU that serves the California Institute of Technology and its affiliate organizations; University First FCU, a $568 million, Salt Lake City-based CU serving the University of Utah; and Pioneer FCU, a $302 million CU in Mountain Home, Idaho, have joined the financial technology company’s client list.
“In just six months Fynanz has increased its client base by 50% and total client assets by over $10 billion,” said Jim Merrill, senior vice president of sales for Fynanz in New York City. “The speed of reaching this next milestone is a testament to our existing client base and credit unions nationwide understanding the need for a new asset class to drive member growth.”
Fynanz powers the cuStudentLoans.org private student loan marketplace and provides tailored solutions to meet the product and credit requirements of each CU and its members.
“Fynanz’ customized and loan participation programs, along with their developed member education programs, were factors in our choice of providers,” said Clay Kearley, ORNL FCU’s vice president of consumer lending. “While the program primarily benefits our very important Gen Y members, this is an important program to serve all our members’ ever increasing higher education financing needs.”