Magnifi Financial Credit Union

What Magnifi Financial Credit Union does

Magnifi Financial Credit Union is a not-for-profit, member-owned financial services cooperative founded in 1939 and headquartered in Melrose, Minnesota, operating 27 branch locations across Minnesota, North Dakota, and Wisconsin, with field-of-membership spanning 32 counties. The credit union serves consumer households, small and mid-size businesses, and agricultural operations with a full suite of retail and commercial banking products: deposit accounts (Free, eChecking, Relationship, High-Yield personal checking and tiered business checking up to Business Platinum), savings and Money Market accounts, certificates, credit cards (including a 1% cash back business cashRewards Visa), consumer loans (auto, mortgage, home equity, recreational vehicle, personal), and commercial/SBA/agribusiness lending. The credit union holds SBA Preferred Lender status (the only Minnesota-based credit union with this designation) and FSA Preferred Lender status, and ranks as the largest commercial-lending credit union in Minnesota and the second largest agricultural lending credit union in the United States, with 8 consecutive years as Minnesota's #1 SBA lender since 2015.

The technology and distribution stack is centered on a Digital Services platform accessible via desktop, tablet, and mobile with a single login, supported by iOS and Android mobile apps, Apple Watch and digital wallet integration (Apple Pay, Google Pay, Samsung Pay), Zelle P2P, mobile deposit, card controls, and integrated third-party services (SavvyMoney credit monitoring, ClickSWITCH-powered Digital Switch Kit, Greenlight youth finance, Elavon merchant services, Moneypass surcharge-free ATM network, and TruStage insurance). AI capabilities are limited to AI-powered fraud detection and a 24/7 AI chat with live agent escalation. Distribution is hybrid: 27 physical branches staffed with dedicated Commercial and Ag Officers who visit businesses and farms for personalized SBA, commercial, and agricultural lending consultations, paired with self-serve online account opening and loan applications. Revenue is generated primarily through net interest income on the loan portfolio (consumer mortgages, auto, commercial, SBA, ag), supplemented by deposit account fees, credit card interchange, mortgage origination (including secondary market sales), SBA loan fees, and business cash management/merchant services fees; as a cooperative, earnings are returned to members via competitive rates and lower fees rather than distributed to external shareholders.

Name

Magnifi Financial Credit Union

Legal name

Magnifi Financial Credit Union

Website

https://mymagnifi.org

Company type

Private

Founded year

1939

Operating status

Operating

Headcount range

251–500 employees

Short description

Magnifi Financial is a not-for-profit, member-owned credit union founded in 1939 in Melrose, Minnesota, operating 27 branches across MN, ND, and WI. It serves consumers, small-to-mid-size businesses, and agribusiness operators with deposits, consumer and commercial loans, SBA Preferred Lender services, and digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Commercial Banking (52211)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Consumer banking services
• Commercial lending
• Agricultural loans
• SBA preferred lending
• Mortgage lending

Headquarters

HQ city

Melrose

HQ country

United States

HQ region

North America

Offices27 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income (Loan Portfolio): Primary revenue stream from interest earned on consumer and commercial loans including mortgages, auto loans, personal loans, business loans, and agricultural loans. As a credit union, earnings are returned to members through better rates and lower fees.
2. Deposit Account Fees: Fees from business checking accounts, money market accounts, and certificate accounts. Some fees waived for qualifying accounts or relationship customers.
3. Credit Card Interchange: Transaction fees and interchange income from Visa credit and debit cards including business cashRewards card with 1% cash back.
4. Mortgage Origination: Fees from mortgage loan origination including origination fees (currently waived for qualifying loans in certain markets), with mortgages also sold on secondary market.
5. SBA Loan Fees: As SBA Preferred Lender, fees collected from SBA 7(a), Express, and 504 loan programs for small business financing.
6. Digital Services and Cash Management: Fees for business digital services including ACH processing, wire transfers, remote deposit, merchant services, and fraud management tools.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Magnifi Financial Credit Union is a not-for-profit, member-owned financial services cooperative that provides retail and commercial banking products. Its offerings include checking and savings accounts, certificates, consumer loans (auto, mortgage, home equity, personal, credit cards), business banking (checking, SBA loans, commercial lending, cash management), and specialized agribusiness lending. Services are delivered through 27 branch locations across Minnesota and North Dakota, a unified digital banking platform, mobile app, and dedicated Commercial and Ag Officer teams.

Product overview

Magnifi Financial Credit Union is a not-for-profit credit union offering a comprehensive suite of financial products and services across personal, business, and agribusiness banking segments. The core offering centers on the Digital Services platform (unified digital banking accessible via desktop, tablet, and mobile with single login) complemented by Mobile Banking apps for iOS and Android. Personal banking includes checking accounts (Free, eChecking, Relationship, High-Yield), savings accounts, certificates, youth accounts, and Medicare Made Simple advisory services. Lending products span auto loans, mortgage loans, home equity, personal loans, and credit cards. Business banking encompasses Business Checking, Business Loans (including SBA Preferred Lender services), Agribusiness Loans (largest ag-lending credit union in Minnesota), and specialized industry solutions. Digital services include Zelle P2P payments, My Credit Score (via SavvyMoney), Digital Wallet, Personal Financial Management tools, Digital Switch Kit, Card Services, and Business Cash Management services (ACH, wire transfers, Remote Deposit, Positive Pay fraud management, Merchant Services via Elavon, Sweep Accounts). Additional services include mAGnify Consulting for agribusiness, the 3 Essentials community program, Magnifi Training Services, and My Toolkit third-party app marketplace.

Differentiator

Problem solved

Functional benefit

Brands

• 3 Essentials Program: Community charitable initiative providing food, shelter, and clothing to those in need; has donated over 1 million pounds of food.
• Magnifi Financial Foundation
• Magnifi Training Services
• mAGnify Consulting

Products and services

• Checking Accounts Personal checking accounts including Free Checking (no monthly fee), eChecking (earns dividends with $5 monthly fee), Relationship Checking (tiered dividends), and High-Yield Checking (3.45% APY) for individual members.
• Savings Accounts Personal savings accounts with no minimum balance, earning dividends with tiered rate levels based on balance amounts. Can be used for overdraft protection.
• Certificates of Deposit Certificate of deposit products with 3-60 month terms offering higher dividends than savings accounts, automatically renewable with monthly compounding.
• Auto Loans Vehicle financing for new and used cars with low rates and flexible repayment terms for individual members.
• Mortgage Loans Home mortgage lending with competitive rates, various loan programs including conventional, FHA, and VA options, with dedicated local mortgage experts.
• Home Equity Loans (HELOC) Home equity lines of credit allowing members to access equity invested in their home for major purchases.
• Personal Loans Unsecured loans for vacations, weddings, home repairs, computers, and other personal financing needs.
• Credit Cards Visa credit cards with purchasing power, perks, and convenience, including cashback rewards on business cards.
• Recreational Vehicle Loans Financing for recreational vehicles, boats, motorcycles, and other recreational equipment with special promotional offers.
• Youth Accounts Savings and checking accounts designed for kids and teens to build smart money habits, with parental oversight features and free Greenlight debit card subscription.
• Business Checking Accounts Business checking accounts including Non-Profit Checking, Business Advantage Checking (up to 200 free transactions, tiered dividends), and Business Platinum Checking (up to 400 free transactions, highest dividends).
• SBA Loans SBA 7(a), Express, and 504 loan programs with Preferred Lender status enabling faster credit decisions and local processing. Maximum loan amounts up to $5 million.
• Business Loans Commercial lending including SBA loans, commercial real estate, term loans, start-up loans, lines of credit, and construction loans for businesses of all sizes.
• Agribusiness Loans Agricultural lending including livestock, crop, equipment, ag real estate, beginning farm, and facility construction loans. As the largest ag-lending credit union in Minnesota and second largest in the US, serving farms of all sizes.
• Agribusiness Checking Checking accounts for farms including Business Checking, Business Advantage Checking, and Business Platinum Checking with features designed for agricultural operations.
• Agribusiness Savings Savings options including regular savings, Money Market accounts, Health Savings Accounts (HSA), Certificates, and IRAs for agribusiness owners.
• Business Digital Services (Cash Management) Cash management platform for businesses including ACH services, wire transfers, remote deposit, fraud management with Positive Pay, merchant services, and sweep accounts.
• Digital Services Platform Unified digital banking platform accessible via desktop, tablet, and mobile with single login, featuring account management, transfers, bill pay, card controls, and Zelle integration.
• Mobile Banking App Mobile banking application for iOS and Android devices enabling account access, mobile deposits, and full digital banking capabilities on smartphones and tablets, with Apple Watch support.
• Merchant Services Card payment processing through Elavon partnership supporting in-person, online, mobile, and phone transactions with 24/7 customer support.
• Medicare Made Simple Advisory Expert advice and personalized support to help members choose the right Medicare plan, with free in-person seminars and complimentary lunch.
• Financial Advisory Services No-cost, no-obligation consultation meetings with financial advisors for personal wealth planning, retirement, and goal setting.
• mAGnify Consulting (Agribusiness) No-cost, no-obligation consultation service by experienced Agricultural Officers reviewing agribusiness finances to identify money-saving opportunities.
• Magnifi Training Services Free training sessions for business and community leaders providing leadership tools to positively influence their workplaces.

Quantifiable outcome

• Member satisfaction ranks in top percentile nationally compared to peers
• +3 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability4 records

Feature7 records

Partnerships

15 partnerships are on record, tiered core and supporting.

• ElavoncoreTechnology or IntegrationMagnifi Financial partnered with Elavon, a leading global payments provider, to offer payment processing solutions to business members. Elavon provides technology for accepting credit/debit cards, ACH, electronic checks, and digital wallet payments including Google Pay and Apple Pay. Elavon offers 24/7 customer support and dedicated account management.
• GreenlightcoreGTM or Marketing PartnerMagnifi Financial offers free Greenlight subscription to members - a debit card and money app for kids. Partnership provides parents tools to teach financial responsibility with real-time notifications, chore management, and savings goals.
• ClickSWITCH (Digital Switch Kit)coreTechnology or IntegrationPowered by ClickSWITCH, the Digital Switch Kit simplifies the process of switching accounts to Magnifi Financial from other financial institutions, taking stress and complexity out of account switching.
• MoneypasscoreTechnology or IntegrationATM network partnership providing surcharge-free access to Moneypass ATMs nationwide for Magnifi members.
• TruStage InsurancesupportingGTM or Marketing PartnerTruStage insurance products offered through Magnifi to help members protect what matters most - auto, home, life, and other insurance products.
• VisacoreTechnology or IntegrationPartnership for Visa credit and debit cards including cashRewards business card with 1% cash back, consumer cards, and Visa SavingsEdge program. Includes Visa Purchase Alerts for fraud monitoring.
• Small Business Administration (SBA)coreStrategic or Co-development PartnerSBA Preferred Lender status - only Minnesota-based credit union with this designation. Allows expedited processing of SBA 7(a), Express, and 504 loans. 8 consecutive years as #1 SBA lender in Minnesota since 2015.
• Farm Services Agency (FSA)coreStrategic or Co-development PartnerFSA Preferred Lender status for agricultural loans. Magnifi is approved to offer FSA loan products under Preferred Lender Program for farm expansion, livestock, new farm financing, debt refinancing, crop loans, microloans, and youth farm loans.
• U.S. Department of Agriculture (USDA)supportingStrategic or Co-development PartnerAgency partnership providing GAP financing and low-cost solutions for business needs through various USDA programs.
• Initiative FoundationsupportingStrategic or Co-development PartnerLocal economic development partnership providing GAP financing and low-cost solutions for business needs in central Minnesota communities.
• MN Dept of Ag (Rural Finance Authority)supportingStrategic or Co-development PartnerPartnership for agricultural BMP (Best Management Practices) loan programs and Rural Finance Authority programs for Minnesota farmers.
• Farmer MACsupportingStrategic or Co-development PartnerFederal agricultural mortgage lender partnership providing secondary market and additional lending capacity for agricultural real estate loans.
• Local Economic Development AssociationssupportingStrategic or Co-development PartnerPartnership with local economic development associations to provide GAP financing and low-cost solutions for business growth in local communities.
• Certified Development Companies (SBA 504)supportingStrategic or Co-development PartnerSBA 504 loan program financing partners providing 40% of loan through CDC/SBA portion while Magnifi provides 50% and borrower provides 10% injection for commercial real estate and equipment purchases.
• Bean CosupportingGTM or Marketing PartnerBuilding partner at Maple Grove branch location. Joint access space offering coffee and refreshments, creating community atmosphere at the branch.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Bellco Credit Union: Colorado-domiciled but large multi-state credit union with similar comprehensive consumer, mortgage, and business banking suite; useful benchmark for scale, product breadth, and digital parity even though geography differs.
• Savers Cooperative Bank: Member-owned community cooperative bank in Minnesota offering a comparable member-first value proposition with consumer and small-business products; competes with Magnifi on shared-branch geography and pricing.

Direct peers

• Hiway Credit Union: Minnesota-based member-owned cooperative credit union offering full personal and commercial banking with strong Twin Cities branch presence; comparable scale, member-owned structure, and SMB banking focus.
• TruStone Financial Credit Union: Twin Cities credit union serving consumer, business, and mortgage customers with branch and digital channels; competes for the same Minneapolis metro membership pool as Magnifi's Blaine/Columbia Heights/Coon Rapids branches.
• Affinity Plus Federal Credit Union: Minnesota-headquartered, federally insured credit union offering consumer deposits, lending, and business banking statewide; overlaps Magnifi in personal banking, auto lending, and shared branching footprint.
• TopLine Federal Credit Union: Twin Cities-area credit union serving consumer, business, and ag-adjacent segments across the metro and surrounding counties; directly overlaps Magnifi's personal checking and consumer lending offerings.
• Wings Financial Credit Union: Minnesota-based member-owned credit union serving consumer and business banking across the Twin Cities with a comparable retail + commercial deposit strategy; directly competes for the same geographic member base.

Others

• Central Minnesota Credit Union (pre-merger legacy entity): Listed because Magnifi itself was formerly Central Minnesota Credit Union and selected peer data references legacy CMCU branding — historical predecessor; not a current operating peer.
• Greenlight (Tbil): Fintech partner whose debit card and money app for kids is offered free to Magnifi members; included as an ecosystem / partnership peer because it shapes the youth banking product experience.

Regional players

• First Alliance Credit Union: Upper Midwest credit union (MN/IA/WI) offering personal banking, lending, and digital tools; comparable regional scope but smaller footprint and weaker commercial/ag specialization than Magnifi.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCwTYqxHSjNJ2RGCZ_sA4tFw
• Facebookfacebook.com/mymagnifi
• LinkedInlinkedin.com/company/magnifi-financial-credit-union
• Instagraminstagram.com/mymagnifi
• Xx.com/mymagnifi

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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 Magnifi Financial Credit Union