Nook closes credit union-backed round as client growth hits 200%
What's the deal? NookDealroom has a profile for this one. Try Dealroom →, a credit union service organisation, has closed a fully subscribed early-stage funding round backed by three credit unions: Gulf Winds Credit Union, Great Lakes Credit UnionDealroom has a profile for this one. Try Dealroom →, and Dort Financial Credit UnionDealroom has a profile for this one. Try Dealroom →. The Wayzata, Minnesota-based company builds data integration and member engagement tools for credit unions.
What's the endgame? Nook connects data from disconnected credit union systems and routes it through HubSpot so teams can coordinate member engagement. Credit union ownership gives the three investors a stake in how those capabilities develop.
Why now? Over the past year, Nook grew its client base by 200% and completed HubSpot integrations across four core systems: Symitar EpisysDealroom has a profile for this one. Try Dealroom →, Corelation KeystoneDealroom has a profile for this one. Try Dealroom →, Fiserv XP2, and Fiserv-Portico. Several more, including Fiserv-DNA, are in development.
The company has also built integrations with VeleraDealroom has a profile for this one. Try Dealroom →, CandescentDealroom has a profile for this one. Try Dealroom →, Enrich, SavvyMoney, and three predictive analytics providers, consolidating data sources into a single member record.
Gulf Winds is the newest of the three investors. "Credit unions can deliver more personal, relevant experiences when they have access to the right data," said Daniel Souers, president and CEO of Gulf Winds, which is set to become TruWorth Credit Union.
What's the money for? Nook will keep developing its integrations, HubSpot capabilities, and services. Chief executive officer Austin Wentzlaff framed the round as a bet on industry-owned infrastructure. "Credit unions should have a voice in the infrastructure that will support their relationships with members for years to come," he said.
The company says the round drew investor interest beyond its original allocation and plans to move quickly toward a next round.
The signal: By selling equity to the institutions it serves, Nook ties its roadmap to its customers — a model that turns clients into owners with a direct stake in the product's direction.
Read more: finopotamus.com
Image credit: paulbaker
