Sync1 Systems, a financial technology startup, has launched in Austin.
The startup, a Credit Union Services Organization, received $4 million in private equity and debt financing and it also merged with FI-Mobile, an Austin-based provider of mobile banking solutions.
The company is creating a new loan origination platform focused on credit unions which it plans to launch early next year.
Austin serial entrepreneurs Steve Maloney, Bruce Callen and Dan Chaney founded the company. Previously, they founded Teres Solutions, a credit union leading technology provider, which CRIF acquired in 2008.
“The founders of Sync1 Systems understand the unique needs of credit unions and their customers. They also have the technology expertise and business acumen needed to help organizations like ours succeed in the competitive world of lending,” Richard Epley, CEO of Auto Financial Group, said in a news release.
“On the heels of the financial crisis of 2008, the world of credit union lending was transformed. Consumers are now digital, lending requirements are changing once again, and the marketplace for customers has broadened,” Steve Maloney, CEO of Sync1 Systems, said in a news release. “For nearly two decades, we’ve helped credit unions to successfully navigate these shifting tides. Sync1 Systems is an entirely new technology platform architected form the ground up to help credit unions succeed in this new world.”