Credit unions are now in the cell phone game.
Members Mobile CUSO just landed strategic investments from four credit union investors, including The Reseda Group—the investment arm of MSU Federal Credit Union. And before you ask “why would a credit union sell phone plans?”—stick with us, because this is actually pretty clever.
Members Mobile isn’t just another mobile carrier trying to undercut Verizon. They’re building something specifically for credit unions: a way to bundle mobile service with financial products so credit unions can meet members where they literally already are—on their phones, 24/7.
What’s Happening Here
Think of it this way: your phone is basically an extension of your hand at this point. Members Mobile figured out how to turn that constant connection into a deeper relationship between credit unions and their members. They’re offering nationwide 4G/5G service that comes packaged with financial tools, account opening capabilities, and perks like Cash ShareBacks™ and Data SafetyNet™—all through their VIMplicity™ platform.
The real magic trick? You can sign up for phone service and open a credit union checking account at the same time, entirely through one app. No branch visit required. It’s integrated with MeridianLink, which means the whole process is actually smooth rather than the digital equivalent of filling out forms in triplicate.
Why Credit Union Investors Are Paying Attention
Gary Brandt, Chairman of Members Mobile CUSO, didn’t mince words about what this investment means: “The Reseda Group is one of the most credible voices in credit union investment and CUSO innovation. Their decision to invest in Members Mobile CUSO signals that the credit union community is ready to embrace creative digital tools to serve and attract members.”
Translation: when the smart money starts moving, everyone notices. Three other credit unions followed Reseda’s lead, which suggests this isn’t just one organization taking a flyer on a weird idea. It’s a coordinated bet that members want their financial institution to help them save money on something they’re already paying for every month.
The Bigger Picture
Luis Jimenez-Tunon, Co-founder of Members Mobile, pointed out something worth noting: “Globally, fintechs and neobanks are embracing mobile service plans as the next frontier to service and engage customers.” He’s not wrong—bundling services isn’t new, but applying it to credit unions and mobile plans is relatively fresh territory.
The pitch is straightforward: credit unions need tools to stay competitive in an increasingly digital world. Big banks have massive tech budgets. Fintech startups are born digital. Credit unions have something different—trust and member-focused values—but they need modern tools to deliver on that promise.
Who’s Already On Board
MSU Federal Credit Union launched as the founding partner, which makes sense given their investment arm backed the project. But Members Mobile isn’t stopping there—they’ve already signed credit union partners representing more than 2.5 million members for early expansion across the country.
The strategy from day one was intentional: get a select group of credit unions aligned early rather than trying to boil the ocean. It’s the kind of measured approach that actually works when you’re introducing something this different to a traditionally conservative industry.
Will your credit union start offering cell phone plans next year? Maybe. But the broader trend here is worth watching—financial institutions are looking for creative ways to add value beyond traditional banking products, and your monthly cell phone bill is one of the biggest line items where they might actually be able to help.
Related:
Credit Unions Just Got a Secret Weapon: A Mobile Service That Actually Saves Members Money
MSUFCU Just Made Student Loans Way Less Painful (Yes, Really)