Four credit union organizations pooled together $5 million to invest in the new CUSO, Think|Stack, which specializes in credit unions with a focus on cloud and cybersecurity issues.
Think|Stack, a managed IT services company headquartered in Baltimore, announced on Tuesday that it had secured the funding from the four organizations to help provide credit unions with better digital experiences, data collection, as well as cloud and cybersecurity services.
“For 10 years we were a small family business, two brothers and an amazing team of passionate rebels, helping credit unions with digital transformation and cybersecurity. With our deep credit union knowledge and technology expertise, we are uniquely positioned to understand industry threats, systems and the total technology ecosystem, to make sure credit unions are secure. This CUSO investment will allow us to expand delivery of our cyber and cloud services within the credit union industry,” states Think|Stack CEO Chris Sachse.
According to the statement, the following credit union organizations joined together to make the $5 million investment: CUSG; Christian Financial Credit Union – Sterling Heights, Mich. ($789 million in assets, nearly 60,000 members); Mutual Credit Union and Liberty Savings Federal Credit Union – Jersey City, N.J. ($127.6 million in assets, more than 20,000 members).
The President/CEO of Christian Financial Credit Union, Patty Campbell said, “Credit unions are trusted organizations for our members. Maintaining that trust requires credit unions to become more and more accessible as interaction with members continues to move into digital spaces. Our digital platforms should maintain the connection and humanity our members have always enjoyed. This means our vendors must understand CUs are different from other financial institutions. Think|Stack has been an accelerator for us to get where we want to go in our technology operations and security.”
Tuesday’s statement said Think|Stack will use the investment to hire new talent, improve its infrastructure and open locations and remote offices nationwide.
Sachse added, “This investment will help us impact the industry on a larger scale.”