Largest CUSO in America Enters Strategic Partnership with Multi-Phased Investment Firm to Explore Advanced FinTech Solutions to Benefit Credit Unions
Multi-phased investment firm Black Dragon Capital℠ (“Black Dragon”) has formed a new strategic partnership with Velera, a premier payments credit union service organization (CUSO) and integrated financial technology solutions provider.
Black Dragon Capital℠ was founded over a decade ago by recognized financial technology leaders focused on bringing innovative technologies to high-growth industry segments affected by digital disruption. A collaborative team leads the firm, combining deep operational experience with a focus on community impact and a proven ability to transform and grow companies.
Velera is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, serving more than 4,000 financial institutions throughout North America. With over four decades of industry experience, Velera is committed to service excellence and innovation, helping credit unions and their members keep pace with the rapid momentum of change and fuel growth in the new era of financial services.
Velera decided to enter this strategic alliance with Black Dragon Capital℠ following a thorough due diligence process influenced by the tenured roster of finance, technology, and credit union experts leading the team at Black Dragon. As a premier payments CUSO deeply committed to supporting credit unions, Velera recognized the value in the Black Dragon team’s deep domain expertise and ability to transform companies. They determined that a firm led by prominent members of the fintech and credit union communities would be the ideal partner in pursuing their goal of finding solutions that can empower credit unions and their members amidst the significant business and competitive issues created by the ongoing digitization of financial services.¹
Through this collaboration, Black Dragon Capital℠ and Velera will collaborate toward the goal of creating and scaling financial technology companies that enable credit unions to transform their businesses and optimize their member service advantages.
Velera joins a growing list of the most innovative Credit Unions and CUSOs in the industry who have partnered with Black Dragon Capital℠ to reshape the future of our community. They will work with the Black Dragon Capital℠ team to leverage the firm’s global reach and expertise in industry-defining technologies, pursuing the main objective of scaling sustainable fintech companies dedicated to empowering credit unions to thrive in a rapidly evolving digital landscape.
“It is with great pride and excitement that we join Black Dragon Capital’s ambitious initiative of creating innovative and sustainable companies which can benefit credit unions now and for decades to come,” said Chuck Fagan, President and CEO of Velera. “We deeply value the credit union community, and we are grateful to partner with an organization like Black Dragon whose leaders are prominent members of the community they serve. Through this partnership, we are confident that credit unions will continue to find success in providing top quality services to their members.”
As part of the strategic partnership, Chuck Fagan will be co-chairing the Limited Partners Advisory Board with Bill Cheney, the CEO of SchoolsFirst Federal Credit Union. Black Dragon Capital℠ strongly believes in utilizing the power of our partner’s perspectives to benefit the partnership and expects this alliance to improve the digital posture of our partners and the industry.
The Black Dragon Capital℠ team’s insights on operations, combined with their deep experience in cutting-edge technology, puts them in a place to deliver competitive advantages for their portfolio companies and founders. Through intensive research on competitors and markets, they have refined their expertise in identifying scalable solutions and helping founders accelerate growth by cutting through the competition.
Benson Porter, FinTech CUSO Chair at Black Dragon Capital℠, is the former CEO of BECU and First Tech Credit Union. As a highly regarded credit union and financial services leader with decades of experience, Mr. Porter has assembled the most recognized credit union leaders and committed investors to help reshape the future of the credit union landscape and empower them to continue providing top service to the community.
“We are thrilled to be collaborating with a key industry pillar like Velera, who shares our decades of commitment to the credit union movement and our determination to continue supporting the community. This strategic partnership is a crucial step towards optimizing the top standard of service in our industry by connecting future-forward credit unions with tenured fintech professionals who know the industry well and are equipped with decades of expertise and tenure in building and transforming companies through technology,” said Benson Porter, FinTech CUSO Chair of Black Dragon Capital.