Candel Coop

What Candel Coop does

Candel Coop (legal name: Cooperativa de Ahorro y Crédito Candel Coop) is a member-owned credit union incorporated on March 27, 1957, in Manatí, Puerto Rico, founded by Father Alejandro Velayos through the parish of Nuestra Señora de la Candelaria to address local unmet financial needs via the cooperative movement model. The institution operates as a not-for-profit financial cooperative under Puerto Rico law, serving individual members in Manatí and surrounding northern municipalities, and is insured by COSSEC (Corporación de Seguro de Depósitos) up to $250,000 per depositor.

The cooperative's product suite spans deposit accounts (membership share accounts, regular savings, checking, Christmas Navi-Coop, vacation Vera-Coop, youth Candelín, and student UC-Cash), a comprehensive lending book (personal loans up to $50,000, mortgages, auto financing, collateral loans, savings-secured loans, appliance loans, and lines of credit up to $10,000), and credit products (MasterCard Regular and MasterCard Estudiantil). Distribution is delivered through three branches (two in Manatí including the main office and Plaza Monte Real, plus a Santurce branch in San Juan), an Internet Banking platform, Tele-COOP phone banking, the Candel Cash 24 Horas ATM network, ATH Móvil mobile payments, and employer payroll deduction partnerships.

Revenue is generated primarily through loan interest income across consumer lending products, supplemented by account maintenance fees ($5.00 monthly for checking, $3.00 monthly for sub-minimum savings), transaction-based service charges, and annual membership contributions ($60.00 annual fee on a $120.00 minimum share account). As a cooperative, excess revenues are returned to members as dividends based on patronage. The institution employs 101-250 staff and received a $3.7M Community Development Financial Institutions Fund award in April 2023 to support lending capacity.

Name

Candel Coop

Legal name

Cooperativa de Ahorro y Crédito Candel Coop

Website

https://candelcoop.coop

Company type

Private

Founded year

1957

Operating status

Operating

Headcount range

101–250 employees

Short description

Candel Coop is a member-owned credit union founded in 1957 in Manatí, Puerto Rico, providing savings, checking, consumer loans, credit cards, and digital banking to individuals in Manatí and surrounding northern municipalities through three branches and cooperative-based member services.

Ownership category

akta.pro rank

Headquarters

HQ city

San Juan

HQ country

Puerto Rico

HQ region

Latin America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Loan Interest Income: Interest income from personal loans (up to $50,000), mortgages, auto financing, collateral loans, credit cards (MasterCard up to $10,000), and lines of credit. This is the primary revenue driver for the credit union.
2. Account and Service Fees: Monthly service charges on accounts: $5.00 monthly for checking accounts, $3.00 monthly for savings accounts if balance falls below minimum. Fees for various transaction services including wire transfers, manager's checks, and other banking services.
3. Share/Membership Contributions: Annual membership fee of $60 to maintain active status. Initial share account requires $120 minimum deposit. These contributions represent member equity in the cooperative.
4. Dividend Distributions: As a cooperative, excess revenues (after reserves) are returned to members as dividends based on patronage/sponsorship levels. Members earn dividends from annual surpluses.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Candel Coop is a member-owned credit union that provides retail financial services to individuals and families in Manatí and surrounding municipalities in Puerto Rico, including share/membership accounts, regular savings and checking accounts, Christmas and vacation savings plans, youth and student accounts, personal loans up to $50,000, mortgages, auto and collateral loans, credit lines, and MasterCard credit cards. The cooperative also delivers digital banking, ATM access, mobile payments via ATH Móvil, phone banking, payroll deduction, bill payment, wire transfers, and government-stamp services.

Product overview

Candel Coop is a credit union (Cooperativa de Ahorro y Crédito) providing financial services to members in Manatí, Puerto Rico and surrounding areas. The cooperative offers a comprehensive suite of deposit products including Cuenta de Acciones (membership share account), Cuenta de Ahorro Regular (regular savings), Cuenta Corriente (checking), Navi-Coop (Christmas savings), Vera-Coop (vacation savings), Cuenta Candelín (youth savings), and UC-Cash (student accounts). Lending products include Préstamo Personal (up to $50,000), Préstamo Hipotecario, Financiamiento de Autos, Préstamos Colaterales, Préstamos para Ahorrar, Préstamos para Enseres, and Líneas de Crédito (up to $10,000). Credit products include MasterCard Regular and MasterCard Estudiantil credit cards. Digital banking services include Internet Banking, Tele-COOP phone banking, and ATH Móvil mobile payments. The cooperative operates without profit motive, returning economies to members through dividends and competitive rates.

Differentiator

Problem solved

Functional benefit

Brands

• Candelín: Children's savings mascot - a dragon character representing the cooperative values for youth savings accounts. Features seven colors representing cooperative principles.
• Navi-Coop
• Vera-Coop
• UC-Cash
• Candel Cash 24 Horas

Products and services

• Cuenta de Acciones (Share/Membership Account) Membership share account required to join the cooperative; opens with a $120 minimum and a $60 annual deposit to maintain active status. Functions as collateral for loans and earns dividends from annual surpluses.
• Cuenta de Ahorro Regular (Regular Savings Account) Standard savings account for members with a $10 initial deposit; interest credited quarterly.
• Cuenta Corriente (Checking Account) Checking account for members and co-owners; $100 minimum to open, no minimum balance thereafter; includes ATH card and 24/7 online services with a $5 monthly service charge.
• Navi-Coop (Christmas Savings) Specialized Christmas savings account; deposits accepted from November 16 each year, with full withdrawal of savings plus accumulated interest on November 15 of the following year.
• Vera-Coop (Vacation Savings) Vacation savings account for annual vacation expenses; deposits begin May 16 each year, with funds and interest returned the following May.
• Cuenta Candelín (Youth Savings) Savings account for children and youth ages 0-18; $10 minimum deposit, requires birth certificate and Social Security number; features the Candelín dragon mascot representing cooperative values.
• UC-Cash (University Student Account) Fee-free savings account exclusively for university students; $10 minimum to open, includes ATH and ATH Móvil access.
• Certificados de Ahorro (Savings Certificates) Fixed-term savings certificates with competitive interest rates.
• Préstamo Personal (Personal Loan) Personal loan up to $50,000 for various consumer financing needs; available via online pre-application.
• Préstamo Hipotecario (Mortgage Loan) Home mortgage loans for purchasing or refinancing residential property.
• Financiamiento de Autos (Auto Financing) Auto financing for new and used vehicle purchases.
• Préstamos Colaterales (Collateral Loans) Loans secured by member assets held as collateral.
• Préstamos para Ahorrar (Savings-Secured Loans) Loans secured by the member's existing savings balance within the cooperative.
• Préstamos para Enseres (Appliance and Household Goods Loans) Financing for household appliances and goods.
• Línea de Crédito (Credit Line) Revolving credit line up to $10,000 for flexible access to funds.
• MasterCard Regular Standard credit card with up to a $10,000 credit limit.
• MasterCard Estudiantil (Student MasterCard) Starter credit card for university students to begin building credit history.
• Tarjeta de Débito Candel Cash 24 Horas (Debit Card) 24-hour debit card providing access to funds through the ATH network and ATMs.
• Internet Banking Online banking platform enabling members to perform transactions, check balances, transfer funds, make payments, and submit loan applications from anywhere.
• Tele-COOP (Phone Banking) Telephone banking service at (787) 333-6495 for member inquiries and transactions.
• ATH Móvil (Mobile Payments) Mobile payment integration allowing members to make payments and transfers via mobile devices through the ATH network.
• Depósito Directo (Direct Deposit) Direct deposit service for receiving salary, pension, or Social Security benefits directly to savings or checking accounts.
• Descuento de Nómina (Payroll Deduction) Payroll deduction service allowing employers to deduct loan payments directly from employee salaries.
• Giros Bancarios (Wire Transfers) Wire transfer services for domestic and international money transfers.
• Pago de Servicios (Bill Payment) Bill payment service for utilities (water, electricity, landline, mobile) and other recurring obligations.
• Venta de Marbetes y Sellos de Rentas Internas Sale of motor-vehicle registration tags and Internal Revenue stamps for tax-related transactions.
• Financiamiento de Pólizas (Insurance Policy Financing) Insurance policy financing allowing members to spread premium payments over time.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• FirstBank Puerto Rico: One of the largest Puerto Rico-headquartered banks with extensive retail and commercial operations. Competes with Candel Coop for retail deposits, personal loans, and credit cards across the same island market.
• Oriental Bank: Major Puerto Rico commercial bank (part of OFG Bancorp) offering retail banking, mortgages, and consumer lending island-wide. Overlaps directly with Candel Coop in consumer deposits, personal loans, and credit cards within the same Puerto Rico market.
• Banco Popular de Puerto Rico: The largest commercial bank in Puerto Rico with a full retail, mortgage, and credit-card franchise across the island. Comparable to Candel Coop because it competes for the same household deposit and consumer-loan wallet in the Manatí and San Juan catchment, but at vastly greater scale and with a full digital channel suite.
• Triple-S Management: Major Puerto Rico financial services holding company (life insurance, health, and banking-adjacent services). Comparable as a large diversified Puerto Rico financial services incumbent that competes for the household financial-services wallet, although its primary focus is insurance rather than consumer banking.
• Scotiabank de Puerto Rico: International bank with a Puerto Rico retail and commercial presence, offering deposits, lending, and credit cards. Competes with Candel Coop for consumer banking relationships across the same geography.

Direct peers

• Crédito Caribe: A Puerto Rico credit union offering consumer deposits, personal loans, mortgages, and credit cards to members across the island. Directly comparable to Candel Coop in business model (member-owned cooperative), product mix, and target customer (Puerto Rico households).
• Banco Cooperativo de Puerto Rico: The 2nd-tier cooperative bank serving Puerto Rico's cooperativas de ahorro y crédito, providing correspondent banking, liquidity, and shared services. Directly comparable to Candel Coop as a cooperative-sector institution within the same regulatory and market ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/candelcoop
• LinkedInlinkedin.com/company/candel-coop

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Candel Coop