SchoolsFirst Federal Credit Union Becomes Anchor Investor in Next Generation Banking Platform by Black Dragon Capital℠
SchoolsFirst will be part of $10m CUSO investment in Open Banking Solutions
SchoolsFirst Federal Credit Union has become the anchor investor for Open Banking Solutions, a cloud-based, digital banking suite recently launched by Louis Hernandez, Jr.’s Black Dragon Capital℠ and supported by Advisor Rashid Desai, the former CTO of Open Solutions and its DNA core processing suite
SchoolsFirst Federal Credit Union is the largest credit union in California, and the fifth largest in the nation with more than one million members and more than $25 billion in assets. SchoolsFirst CEO, Bill Cheney and the team at SchoolsFirst, have a long-standing relationship with the Chair and CEO of Black Dragon and their advisors. He was recently awarded the Herb Wagner award, which is presented to individuals and organizations who dedicate their lives to improving the local, national, or international credit union service.
Hernandez is a well-known member of the credit union community having acted as Chair and CEO of Open Solutions for almost 15 years, and having created DNA core processing suite, which was sold in 2013. He and his team also founded Payveris, a digital payments platform, sold almost two years ago. He is an award-winning entrepreneur, proven growth-oriented technology executive, and successful investor. His in-depth knowledge in the field of financial technology includes his books "Too Small to Fail", and "Saving the American Dream", which highlight the unique attributes of community based financial institutions. He has been inducted into the Innovator Leadership Hall of Fame by Bank Technology News.
"I never imagined reentering the enterprise processing and digital banking market. However, the digitization of our industry and the impact on community based financial institutions combined with the combative nature of many legacy vendors and outdated technology, has compelled me to create a new way of working together with commercially friendly contracts, and advanced technology, so that community-based institutions can compete and win for the long term," said Louis Hernandez, Jr., Founder of Open Banking Solutions. "I just couldn't stand by and witness my friends suffering. We are here to partner for the next phase of our industry," he continued.
"I've known Louis and his team for a long time, and they are well respected as FinTech visionaries and known for delivering on what they promise. Their focus on impacting investing in areas that help community based financial institutions and the communities they serve are highly aligned with our mission. Our hope is that we bring a better and more collaborative set of solutions for our communities and provide outstanding returns to our members," said Bill Cheney, CEO of SchoolsFirst Federal Credit Union.
Open Banking Solutions is an advanced cloud based digital banking platform designed to make community-based institutions more competitive. It boasts the most robust cloud core processor: multi-language, multi-currency, loan origination, and micro financing. As a third-party agnostic platform, Open Banking Solutions can integrate with client partners through favorable open-ended contracts and commercially friendly contracts.
This ambitious undertaking is being led by Black Dragon Capital℠, a multi-phased investment firm focused on advanced technologies in high growth segments that strengthen economic stability within communities. Determined to fully address an industry-wide problem, Black Dragon Capital℠ Founder and CEO Louis Hernandez, Jr. is bringing in a team of industry veterans who were the brains behind some of the most revolutionary brands in financial technology.
It is this unique combination of deep industry understanding and the determination to create meaningful impact in the community that has convinced an established member of the industry like SchoolsFirst Federal Credit Union to commit to investing in Open Banking Solutions. The platform's unique vision aligns with SchoolsFirst Federal Credit Union's primary focus of providing world-class personal service and financial security to their members, helping them better their financial lives.
"The banking and credit union industries are undergoing fundamental shifts that need to be addressed so that its members can thrive. I am very excited to bring my experience and connect with the teams of Black Dragon Capital℠, Open Banking Solutions, and SchoolsFirst Federal Credit Union to create advanced technology solutions that work. I'm very happy to be working with Louis on Open Banking Solutions and I look forward to showing the industry that there is a better way to partner that can be a catalyst for industry-wide transformation, as we've done in the past," said Rashid Desai, Advisor, Black Dragon Capital℠.