Boise fintech Goodbuy registers as credit union service organization, raises $1M

Goodbuy, a Boise-based small business marketplace platform built for credit unions, has registered as a credit union service organization and closed $1 million in investment from four credit union partners.

The investors are One Washington Financial, Reseda Group, Maps Credit Union and Together Credit Union. Scott Daukas, principal at One Washington Financial, has joined Goodbuy’s board of directors.

The CUSO designation formalizes Goodbuy’s structural relationship with the credit union industry. Under the designation, CUSOs are required to derive at least 50% of their business from credit unions.

“Becoming a CUSO is a foundational milestone for us,” said Cara Oppenheimer, CEO and co-founder of Goodbuy.” It means we’re not just a vendor to credit unions, we’re part of the ecosystem. This investment from four credit union partners signals that credit unions are ready to build this together, not just buy it.”

Goodbuy’s Community Commerce platform connects a credit union’s member base with its small business account holders through a white-label marketplace. Small businesses gain access to a local customer base, members save up to 20% at participating businesses, and credit unions grow deposits, drive non-interest income and build out their small business portfolios.

“Small businesses are the backbone of credit union communities, but most credit unions have had no real way to show up for them beyond holding the account,” said Cary Telander Fortin, co-founder of Goodbuy.

“Small business is the most underleveraged opportunity in the credit union space,” Daukas said. “Members want their credit union to show up for their business the way they show up for their personal finances, and until now, the tools to make that happen just haven’t existed.”

The investment and CUSO registration follow Goodbuy’s selection as the 2024 NACUSO “Next Big Idea” winner, acceptance into Velera’s Fintech Engagement Program and a proof-of-concept deployment with WSECU. The company was founded in 2021.

This story was written using artificial intelligence with human oversight.