Larky Launches at Three New Credit Unions

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Pure-play loyalty and rewards startups face a challenging battle: the need to please two masters, banks and merchants.

Location-based, loyalty platform Larky has been up to the challenge since its founding in 2012. The startup recently expanded its client base to include three additional credit unions:

  • Wisconson-based Summit CU
  • Maine Savings FCU
  • Utah-based Goldenwest CU

The inclusion of Maine Savings FCU is a significant benchmark for Larky as it now reaches coast-to-coast across North America. Company co-founder Gregg Hammerman says Larky recently signed its first client in Canada and anticipates further international expansion. He notes the momentum being gained with financial institutions across North America, and reports that over the past year, Larky has made dozens of meaningful product improvements to meet the needs of credit unions that want to boost member loyalty and retention.LarkyMobileAlert

The Ann Arbor-based company’s web-and-mobile loyalty platform offers users discounts at the point of sale of both local and national merchants. The location-based, bank-branded alerts help banks stay top-of-wallet while offering users instant savings without changing their purchasing behavior.

When asked about the company’s plans for 2016, Hammerman noted Larky’s focus on refining how it serves up location-based notifications, and to further hone the company’s niche in customizable notifications.

LarkyDemoLarky’s co-founders Andrew Bank and Gregg Hammerman demoed at FinovateFall 2014 in New York.

Since its appearance at FinovateFall 2014, Larky has expanded the types of industries it serves, adding paid pilots with publishers, health insurance providers, and other verticals.

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On Finovate.com

  • Larky Launches at Three New Credit Unions.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Lake Trust Credit Union Launches Larky-powered Mobile Rewards App

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A new mobile rewards program, “Lake Trust GO,” will soon be available to the more than 170,000 members of the Lake Trust Credit Union courtesy of a new partnership between the credit union and Larky.

“Our Larky-powered rewards program will produce tangible savings for members and create stronger and longer-lasting relationships that improve the health of our community-based credit union,” said Danielle Brehmer, Lake Trust Credit Union’s SVP for brand, strategy and culture. She believes the solution will grow Lake Trust’s commercial and retail membership as well as increase wallet share and interchange revenue.

Larky co-founder Andrew Bank called Lake Trust CU “innovative” and one of Michigan’s leading credit unions. Lake Trust Credit Union has more than $1.6 billion in assets and serves customers in a 35-county area in Michigan. Lake Trust CU was established in 2010 as Detroit Edson Credit Union (est. 1944) and NuUnion Credit Union agreed to merge to form what is now Michigan’s fourth largest credit union.

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From left: Co-founders Greg Hammerman and Andrew Bank demonstrated the Larky platform at FinovateFall 2014.

Larky helps financial institutions, healthcare insurers, and membership organizations engage their customers and members by providing location-based discounts via “client-branded” online and web platforms. The solution supports local businesses, and Larky says that increased wallet share and better retention rates are among the benefits for banks. Lake Trust CU customers enrolled in the free GO local rewards program will receive discounts when paying with their Lake Trust credit or debit cards at the more than 220 local merchants around Ann Arbor, Brighton, Detroit, Grand Rapids, Howell, and Lansing. The standalone app is available on both iOS and Android.

The Lake Trust CU deployment follows news earlier this month that the Kentucky Bankers Association had selected Larky to provide mobile rewards programs for its member banks. The technology is also being used by Coast Hills FCU ($839 million in assets); Christian Financial Credit Union ($325 million in assets); and Chelsea State Bank ($290 million in assets); as well as by Blue Cross Blue Shield of Michigan.

Larky was founded in 2012 and is headquartered in Ann Arbor, Michigan. Founded by Andrew Bank and Gregg Hammerman, the company has raised more than $2 million in funding.

Finovate Alumni News

On Finovate.com

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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  • Larky selected by the Kentucky Bankers Association to provide mobile local rewards program for member banks.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– January 7, 2015

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– December 23, 2014

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  • The Tech Bulletin profiles Heckyl Technologies.
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  • Chelsea State Bank launches Larky-powered mobile app.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Chelsea State Bank Launches Larky-Powered Mobile App

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Chelsea State Bank has announced that it will deploy a new mobile app, courtesy of a partnership with loyalty/rewards specialist, Larky.

The new app is called The Local Edge. Bank customers who use the app will be able to see and search through discounts available to them from more than 2,000 organizations, entertainment venues, and other community businesses, including Chelsea State Bank.

Andrew Bank, co-founder of Larky, said, “Larky is lucky to work with savvy financial institution partners who believe in creating unique customer experiences and touching their customers through(out) their lives, not just when they’re banking.”
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Larky specializes in helping banks and credit unions provide better rewards and loyalty programs for their customers. Larky’s mobile + web platform enables financial institutions to provide point-of-sale discounts and helps local and national businesses, to send branded, location-based alerts to smart devices, and save users as much as $1,000 a year.
Larky has 12 employees and has raised more than $2 million in funding. We last reported on the company as part of our fall Money 20/20 coverage, noting six new financial institution clients Larky signed up in the fall.
For more insights on Larky implementations, checkout this conversation between Larky’s Bank and Rebekah Monroe, marketing manager for Christian Financial Credit Union. CFCU launched a branded version of Larky’s mobile disc out platform called “Community CA$H” in November.
Founded in 2012 and based in Ann Arbor, Michigan, Larky made its Finovate debut at FinovateFall. See a video of the company’s demonstration of its new Android app.