Velocity Solutions Archives

CSI to Acquire Velocity Solutions

By Julie Muhn (@julieschicktanz) Posted on September 19, 2024
Categories: Alumni News, Daily news, Mergers & Acquisitions, Velocity Solutions

CSI announced plans to acquire deposit growth firm Velocity Solutions.
CSI will integrate Velocity’s solutions that drive revenue, service, and compliance for community banks and credit unions into its existing offerings.
Financial terms of the deal were undisclosed.

Community bank technology provider CSI announced plans to acquire deposit growth firm Velocity Solutions. Financial terms of the deal were undisclosed.

Velocity Solutions was founded in 1995 to offer tools that help drive revenue, service, and compliance for community banks and credit unions. The company’s Velocity Intelligent Platform powers its solutions, among which are a Retail Performance Engine, Consumer Liquidity Engine, and Digital Business Lending. These tools leverage machine-led intelligence to help firms manage risk, drive revenue, increase engagement, and boost non-interest income.

Velocity Solutions, which demoed its Akouba cloud-based lending platform at FinovateFall 2021, services more than 30 million consumers and business owners.

“Our customers rely on us to provide the advanced tools and software that drive revenue, efficiency and cost savings,” said CSI CEO and president David Culbertson. “Velocity’s data-driven approach to deposit management and its intelligent overdraft decisioning engine are each designed to deepen relationships with account holders while minimizing risk exposure for financial institutions.”

CSI plans to integrate Velocity’s solutions into its existing financial services suite, which includes everything from core banking to lending to managed IT and cybersecurity, advisory services, and more. “We’re eager to identify more opportunities to evolve the differentiated financial software and technology solutions that make CSI the first choice for community and regional financial institutions nationwide,” added Culbertson.

“The CSI and Velocity teams are united by the same mission to empower community and regional financial institutions to compete and win against the largest banks in the country,” said Velocity Solutions CEO Christopher Leonard. “Our customers are facing increasing pressure to grow in a challenging rate and deposit environment and require innovative ways to acquire and serve their account holders. We are eager to tap into CSI’s deep expertise and development prowess to expand our banking management platform and support customers in meeting their goals.”

CSI expects that today’s purchase will complement the acquisition of community bank loan servicing platform, Hawthorn River, the company made in December of last year.

CSI, which recently launched an expanded developer portal, was founded in 1965. The company received an investment of an undisclosed amount from private equity firm TA Associates in January 2024.

Photo by Martin Adams on Unsplash

CIBC Bank USA Chooses Velocity Solutions’ Akouba Digital Lending Platform

By David Penn Posted on July 5, 2022
Categories: Alumni News, Daily news, Velocity Solutions

Chicago, Illinois-based CIBC Bank USA has announced a partnership with Finovate newcomer, Velocity Solutions.
CIBC will leverage Velocity Solutions’ Akouba Digital Lending Platform to lower costs, better manage risk, and increase per-loan profitability.
Velocity Solutions made its Finovate debut in the fall of 2021. The company acquired the Akouba platform in 2018.

CIBC Bank USA has chosen Velocity Solutions’ Akouba Digital Lending Platform to support its small business banking division. The Chicago, Illinois-based commercial bank, founded in 1989 as The PrivateBank and Trust Company, will leverage Akouba’s cloud-based SaaS platform to lower the cost, time, and risk associated with the loan origination process. At the same time, the platform will help boost the profitability of every loan made.

“We’ve made tremendous progress with the platform since we acquired Akouba in June 2018,” Velocity Solutions EVP of Product Management Mike Triggiano said. “We’re continually refining the platform and adding new features and functionality. It’s been a thrill to enhance Akouba’s industry-leading technology over the past two years, and the opportunity to add CIBC Bank USA to our growing list of clients is definitely one of the most exciting milestones in Akouba’s history to date.”

Added to Velocity Solution’s product suite four years ago, Akouba is designed to accelerate loan origination for both retail and commercial lending. The only small business loan origination platform endorsed by the American Bankers Association (ABA), Akouba reduces end-to-end time, streamlines operational processes, and helps increase profits. The platform does all this while giving financial institutions the ability to retain control over the decision, pricing, credit policy, risk metrics, and loan amounts, as well as the borrower experience.

“At CIBC, we are building an innovative, relationship-focused bank,” CIBC Bank USA President of Retail and Digital Banking and Head of U.S. Strategy and Administration Brant Ahrens said. “Akouba gives our small business clients the ability to seek financing on any device at any time in any place that is convenient for them.”

Velocity Solutions made its Finovate debut at FinovateFall in New York last September, where the company demoed its Akouba platform. In the months since, Velocity Solutions has introduced a number of new solutions including VelocityConnector that enables efficient and secure API connections between banking data systems; its VelocityScore feature, which helps indicate the ability of accountholders to repay loans; and its Consumer Liquidity Engine, which makes a range of flexible overdraft options and affordable short-term loans available to bank and credit union customers and members.

Founded in 1995, Velocity Solutions is headquartered in Fort Lauderdale, Florida. Christopher Leonard is CEO.

Photo by Jonathan Petersson

FinovateFall 2021 Sneak Peek: Velocity Solutions

By oliver Posted on August 17, 2021
Categories: Finovate, FinovateFall 2021, FinovateFall 2021 Sneak Peek, Velocity Solutions

A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.

Akouba by Velocity Solutions is a secure, cloud-based digital lending platform for retail and commercial lending.

Features

Drastically reduce the cost, time, and risk of originating loans
Increase the profitability of all the loans you originate
Reduce processing time

Why it’s great
The Akouba platform is built to reduce end-to-end time of loan origination, increase profits, and give both borrowers and financial institutions a streamlined experience.

Presenters

Scott Magruder, Regional Account Manager
Magruder is responsible for sales of Akouba Digital Lending solutions to financial institutions across the country.
LinkedIn

Christy Heinzmann, Akouba Client Service Manager
Heinzmann served as a Senior Trainer for Velocity Solutions before joining the Akouba Digital Lending Team as a Client Service Manager in December 2019.
LinkedIn