The transaction provides both funding and technical resources.
AUSTIN, Texas, March 26, 2024 /PRNewswire/ — CU LIFT Fund, the “funding as a service” CUSO committed to helping credit unions grow their auto loan portfolios, announced that it has received a strategic investment from Reseda Group, a wholly-owned CUSO of Michigan State University Federal Credit Union. The investment will help finalize the development of the LIFT Network, a proprietary, closed-loop payment network that allows credit unions to fund direct auto loans instantly.
“Having Reseda Group as a strategic investor means more than just the financial resources it affords us,” said CUSO founder Kirk Klinkhammer. “Reseda Group has become recognized industrywide as an innovator and leader in deploying advanced technology.” He noted that MSUFCU has built one of the largest, most successful auto lending programs, not just among credit unions, but of all auto finance lenders. As a CU LIFT Fund client, MSUFCU will play a key role as an anchor in Michigan, driving participation of auto dealers and other credit unions around the state.
“A direct auto loan at the time of purchase is the ideal channel for any credit union. Unfortunately, it’s not always the easiest channel for the member,” said Reseda Group’s Chief Operating Officer and MSUFCU’s Chief Innovation Officer Ben Maxim. “CU LIFT Fund fixes that problem by creating the best possible member buying experience.”
Klinkhammer added that other lending channels can commoditize a credit union’s brand. “We embrace each credit union’s brand and build upon the trusted relationship members have with their credit unions,” he noted.
About Credit Union LIFT Fund
CU LIFT Fund’s mission is to help credit unions directly fund more auto loans. The CUSO does this by creating a better overall member purchase experience while offering a unique value proposition for dealers that includes instant funding. CU LIFT Fund is committed to creating a nationwide ecosystem of credit unions and automobile dealers, giving credit unions a strong collective voice with dealers while preserving and promoting each credit union’s individual brand. Visit us on the web and LinkedIn.
About Reseda Group
Headquartered in East Lansing, Michigan, Reseda Group is a wholly-owned credit union service organization of MSU Federal Credit Union (MSUFCU). Formed in 2021, Reseda Group changes the way people interact with their finances and how financial institutions engage with their consumers. By leveraging innovative products developed in-house and through its partnership ecosystem, Reseda Group is making financial technology and engagement solutions more accessible and approachable to the industry. Learn more at resedagroup.com.
Media Contact:
Sarah Snell Cooke
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SOURCE CU LIFT Fund
