VYSTAR
Credit Union : Do Good . Bank Better .
For the past two years , VyStar Credit Union has been investing millions of dollars in cuttingedge fintech organisations , both on its own and more recently as part of a consortium of credit unions which has allowed the organisation to roll out technology that will benefit its members .
VyStar ' s individual tech-based startup fund started at US $ 10m in September 2019 and has grown to about $ 50m , said Joel Swanson , VyStar ’ s Chief Member Experience Officer . The credit union is part of the Curql Collective , a coalition of almost 50 credit unions across the country that raised more than US $ 70 million from its first round of funds and is on course to raise more than US $ 200 million .
VyStar believes the cornerstone of success for financial services organisations is rooted in their ability to remain innovative . That ensures the organisation maintains a competitive edge , remains attractive for members and prospective members and keeps ahead of the pace with market expectations . VyStar sees investments in fintech companies as opportunities to move the organisation forward in support of its members .
How VyStar Credit Union is built on a military heritage VyStar was founded in 1952 as Jax Navy Federal Credit Union at Naval Air Station Jacksonville . The goal was to serve the financial needs of military service members , civil service employees , and their families . Since then they have adapted to changes in the banking industry , from adopting their first computerised accounting system in 1966 to opening their first ATM in 1982 .
In 2002 , they changed the name to VyStar Credit Union and expanded their field of membership to non-military members . Today , the credit union has grown to become one of the largest credit unions in the US , serving more than 780,000 members . VyStar is a member-owned and member-managed financial cooperative .
150 November 2021