- CUSO Pure IT Credit Union Services received an investment of $6.8 million this week from a group of credit unions.
- The funding will be used to help expand Pure IT’s ability to help credit unions leverage technology to compete with other financial institutions and to better serve their members.
- The investment comes a few months after Pure IT announced an acquisition of Purity Technology.
Technology-based credit union service organization (CUSO) Pure IT Credit Union Services announced an investment of $6.8 million. The funding came from a coalition of seven credit unions – including Lone Star CU, Union Square CU, DEXSTA CU, People’s Trust CU, Linn Area CU, Ardent CU, and fellow CUSO Envisant.
“What bigger compliment can you have than your own clients investing in your,” Pure IT Credit Union Services co-founder and CEO Jack Smith said. He added that it was part of Pure IT’s mission to “help the industry achieve maturation and evolution to stay relevant and serve even more members.”
The new funding will be used to expand Pure IT’s work in helping credit unions leverage technology to compete for, and better serve, more members.
Headquartered in Texas, Pure IT Credit Services was founded in 2016. Formed initially as a partnership between a credit union and a collection of technology services professionals, the company has grown into a credit union IT services and consulting firm that helps assess a credit union’s IT environment, enabling its clients to focus on business strategy, operations, and serving their members.
Earlier this year, Pure IT Credit Services acquired Texas-based IT services company Purity Technology. The purchase will enable Pure IT to deliver more secure, “modern mobility services” to a greater number of credit unions
“(Purity’s technology) helps smaller institutions and mid-sized institutions that don’t have IT people or don’t have full-time IT resources or are thinking about using ‘Mom and Pop’ down the street for their IT support ” Smith said in an interview with CU Broadcast host Mike Lawson. “This gets them secure and compliant … ‘Mom and Pop’ aren’t going to know what a financial institution needs … (Purity) is a built-in, support service that actually solves that issue for a lot of (different sized) credit unions that don’t have that sophistication internally.”