Case Study

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.

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“From the very beginning, LoanStar has been amazing to work with across the board. Their customer service is nothing short of phenomenal. Any changes we need made, or issues we need fixed are handled right away. But most of all, they are open-minded and willing to work with their customers. Over the years, they’ve put several of our suggestions in a forum to be voted on and implemented the changes that make sense for other credit unions or banks. That willingness to listen, paired with the high quality of their service, just can’t be matched.”

Gwendelyn Frazer

Vice President of Consumer Lending Business Development at Launch Credit Union

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Ease of use

LoanStar’s exceptional ease of use drives greater utilization among merchants by reducing friction in the sign-up process.

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Exceptional service

LoanStar’s team is supportive, collaborative, and highly responsive to Launch’s ongoing priorities and needs.

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Streamlined implementation

With a simple and speedy implementation process, LoanStar enabled Launch to streamline the rollout and realize value quickly.

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Tailored configuration

The LoanStar platform supports Launch’s unique business goals, which includes expanding its reach and cross-selling products among members.

What goals will LoanStar help you to reach?

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