Launch Credit Union launches into merchant lending with LoanStar

Setting the Stage

First chartered in 1963, Launch Credit Union is a Florida-based credit union with 17 branches located in the Brevard and Volusia counties. In its 60+ years in business, Launch has grown to serve a loyal customer base of more than 70,000 members representing $1 billion dollars in assets. While its physical locations are concentrated in its local jurisdiction, Launch aimed to expand its lending services to the entire state of Florida and the neighboring state of Georgia. To achieve this goal, the organization sought an embedded finance technology solution that would enable it to make its entrée into merchant lending, attract new customers, and drive business growth over time.

Navigating the Solution

After exploring several embedded finance options, Launch Credit Union selected LoanStar as its embedded finance solution provider. In addition to LoanStar’s deep expertise serving the credit union market, Launch Credit Union chose LoanStar for its simple, streamlined implementation and its ease of use for merchants, which would be a gating factor to merchants’ willingness to use the solution.

Since implementing the LoanStar solution, Launch has seen reduced friction in merchants’ ability to extend loans to their customers. This new dynamic has supported Launch in successfully adding 240 new members and generating an average of $400,000 in cross-sells each month—including a full range of credit cards, home equity loans, auto loans, mortgages, refinances, and more.

LoanStar’s quality customer service was an additional criterion in Launch Credit Union’s decision to work with LoanStar. The relationship between the two organizations, which first began four years ago, has matured into a collaborative and valued partnership. LoanStar has been instrumental in enabling Launch to seamlessly integrate the new solution and maximize its long-term success.