- Digital banking platform Bankjoy has teamed up with digital investment solutions provider InvestiFi.
- The partnership will enable customers and members of community banks and credit unions to invest in stocks, ETFs, and cryptocurrencies directly from their checking accounts.
- Michigan-based Bankjoy most recently demoed its technology on the Finovate stage at FinovateFall 2023. InvestiFi made its Finovate debut as CryptoFi at FinovateFall 2022 and rebranded in 2024.
Digital banking platform Bankjoy has forged a strategic partnership with fellow Finovate alum InvestiFi, a provider of digital investment solutions. The partnership will enable community banks and credit unions that use Bankjoy’s digital banking platform to offer their customers and members the ability to invest in stocks, ETFs, and cryptocurrencies directly from their checking accounts.
The partnership comes as a growing number of fintechs are empowering smaller, more community-focused financial institutions to directly offer investment services. Last week we noted the partnership between two-time Finovate Best of Show winner Eko and Brooklyn Coop FCU as another example of fintech/financial institution partnerships designed to make it easier for customers and members to invest without having to leave the comfort and familiarity of their digital banking platforms.
“With deposit outflows to platforms like Robinhood accelerating, community banks and credit unions must meet members where they already are: inside their banking app,” Bankjoy COO and Co-Founder Weiwei Duncan said. “By embedding wealth management tools directly into digital banking, they not only keep members engaged with their own products, but also strengthen loyalty and competitiveness in a fast-changing market.”
The threat to credit unions and community banks from these new platforms is not just that their members and customers will use them for their investments; many of these platforms are looking to grow by adding banking services to their digital brokerage offering. Partnerships between fintechs like Bankjoy and InvestiFi are designed to discourage individuals from transferring both their investments and banking business to these new platforms. Additionally, the addition of new services like investing enables community banks and credit unions to attract new customers and members by serving as a single location where they can do both their banking and their investing.
“At InvestiFi, we continue to strive to support financial institutions with cutting-edge, in-house investing solutions,” InvestiFi CEO Kian Sarreshteh said. “Partnering with Bankjoy, a well-respected and trusted platform that supports banks and credit unions, allows us to extend our reach and help more financial institutions across the US, providing them with the tools they need to offer seamless digital investing experiences.”
As CryptoFi, InvestiFi made its Finovate debut at FinovateFall 2022. The company rebranded in 2024 to reflect its growth into a comprehensive self-directed investing suite for credit union members. More recently, InvestiFi has forged partnerships with community-based financial institutions such as West Virginia Central Federal Credit Union ($303 million in assets), Horizon Utah Federal Credit Union ($180 million in assets), Illiana Financial Credit Union ($278 million in assets) and Ocala Community Credit Union ($29 million in assets). InvestiFi also introduced new Chief Product Officer Patrick McNally in August of this year. McNally was formerly Director of Data & Analytics at digital wealth tools provider Exodus Movement.
Founded in 2015 and headquartered in Royal Oak, Michigan, Bankjoy most recently demoed its technology on the Finovate stage at FinovateFall 2023. At the conference, the company showed how its digital banking platform is helping neobank Panacea Financial provide financial services to medical professionals.
Last month, Bankjoy announced that it was expanding its partnership with account activation specialist Pinwheel. A collaboration partner since 2024, Pinwheel has now expanded the number of solutions available on the Bankjoy digital banking platform to include its Switch Kit. This offering combines Pinwheel’s Direct Deposit Switch solution with its Bill Switch feature, unveiled earlier this year, to help solve pain points in the account activation process for consumers.