What CO-OP Financial Services does

CO-OP Financial Services, operating under the trade name Velera, is a U.S. credit union service organization (CUSO) founded in 1981 and headquartered in Tampa, Florida. The company provides an integrated, interoperable financial technology platform serving credit unions of all sizes across the United States. In 2026, the company rebranded from CO-OP Financial Services to Velera to reflect its evolution from a cooperative shared-services provider into a comprehensive fintech solutions vendor.

The Velera platform is organized into two main solution categories. Member Experience solutions include the 37,000+ ATM Network, Shared Branch Network, Digital Enablement, Integration, fraud prevention and detection, authentication and authorization, delinquency management, disputes resolution, and risk mitigation. Credit Union Experience solutions span the Agent Card Program, card products, contact center, debit POS network (Pay Network), digital servicing tools, payment processing and solutions, consulting, consumer marketing, insights and analytics, loyalty, and origination solutions. Recent additions include Buy Now, Pay Later (BNPL), Business Cards, and a Fintech Engagement Program under an "Emerging Services" umbrella. The underlying technology emphasizes interoperability across modules and direct integration with credit union core systems, supported by a shared data asset (the Velera Payments Index) derived from network transaction volume.

Velera operates a sales-led, relationship-based go-to-market targeting enterprise credit union buyers through direct sales, consulting engagements, and partnership relationships. Revenue is generated across multiple streams: transaction fees from ATM and payment network usage, recurring managed-services contracts (card services, contact center, digital servicing), card product management fees, and professional services for consulting. Pricing is not publicly disclosed and is quote-based. The customer base is segmented exclusively by the credit union vertical, with current leadership including CEO Todd Clark, CRO Mathew Kardell, COO Nicholas Calcanes, and Chief Experience Officer Samantha Paxson. The company's stated cooperative ownership model aligns commercial incentives with the credit union industry and supports advocacy for the movement.

Name

CO-OP Financial Services

Legal name

Velera

Website

https://co-opfs.org

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Velera (formerly CO-OP Financial Services) is a U.S. credit union service organization providing integrated financial technology — including a 37,000+ ATM network, shared branching, payments, fraud prevention, digital enablement, and analytics — to credit unions of all sizes across the United States.

Ownership category

akta.pro rank

Product category

Credit Union Financial Technology Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (522210)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Account Opening, KYC/AML & Customer Due Diligence (CDD/EDD) (FSABALAA)

akta.pro secondary industries

Co-Branded Credit Cards (FSAKABAB), Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

Keywords

• Credit union payments
• ATM network services
• Payment processing
• Fraud prevention solutions
• Digital banking platform

Headquarters

HQ city

Rancho Cucamonga

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. ATM Network Services: Transaction-based revenue from ATM network access and processing services across 37,000+ ATMs nationwide for credit unions
2. Payment Processing: Payment processing fees from debit POS network and payment solutions for credit union operations
3. Managed Services: Managed card services, contact center solutions, and digital servicing tools provided as ongoing service contracts to credit unions
4. Card Products: Card issuance and management services including Agent Card Program and business card solutions
5. Consulting Services: Credit union consulting engagements for growth and optimization
6. Shared Branch Network: Shared branch network services enabling inter-credit union transactions

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

CO-OP Financial Services (operating as Velera) is a credit union service organization that delivers integrated financial technology solutions to U.S. credit unions. Its offerings span payment processing, debit POS networking, ATM and shared branch network access, digital banking enablement, fraud prevention and risk mitigation, card programs, member engagement tools (BNPL, business cards, loyalty, marketing), and consulting/analytics services.

Product overview

CO-OP Financial Services (operating as Velera) provides a comprehensive platform of interoperable credit union solutions organized into two main categories: Member Experience solutions (ATM Network, Digital Enablement, Integration services, Shared Branch, fraud prevention, authentication, delinquency management, disputes resolution, risk mitigation) and Credit Union Experience solutions (card products, contact center, payment processing, analytics, loyalty, origination, marketing, consulting). The company also offers Buy Now/Pay Later and Business Cards as member-facing products, plus a Fintech Engagement Program for partnership innovation. Content and research offerings include VeleraTV video content and the Payments Index market research publication. The platform is architected as modular, interconnected solutions that credit unions can adopt selectively to address specific operational needs.

Differentiator

Problem solved

Functional benefit

Products and services

• ATM Network

Quantifiable outcome

• Access to 37,000+ ATMs nationwide

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Jack Henry & Associates: Jack Henry provides core banking technology and digital banking solutions to credit unions and community banks. It directly competes with Velera in digital enablement, payment processing, and integrated fintech services for credit unions.
• Alkami Technology: Alkami provides a cloud-based digital banking platform purpose-built for U.S. credit unions and community banks. It competes head-to-head with Velera's Digital Enablement and digital servicing tools in the same buyer segment.
• Q2 Holdings: Q2 Holdings offers a digital banking platform serving regional banks and credit unions. Its digital banking, lending, and banking-as-a-service capabilities overlap directly with Velera's digital and origination solutions.

Broad incumbents

• Fiserv: Fiserv is a broad incumbent in financial technology, providing core banking, payments (including the Clover network), and digital banking to banks and credit unions. It competes with Velera across card services, payment processing, and digital banking.
• FIS: FIS is a broad incumbent fintech serving banks, credit unions, and capital markets with core processing, payments, and digital solutions. It overlaps with Velera on payment processing, digital banking, and fraud prevention for credit unions.
• Temenos: Temenos is a broad incumbent in banking software, providing core banking, digital, and payments platforms to banks globally. Its digital banking and payment solutions compete with Velera for credit union and community bank clients.

Emerging players

• nCino: nCino provides a cloud-based banking platform focused on commercial, small business, and retail workflows. Its digital origination and account opening capabilities intersect with Velera's origination and digital servicing product lines.
• NCR Atleos: NCR Atleos operates a global ATM network and provides self-service banking solutions. It directly parallels Velera's ATM Network business and competes for credit union ATM outsourcing and managed services contracts.

Others

• TruStage: TruStage (formerly CUNA Mutual Group) is a credit-union-owned financial services provider offering insurance, lending, and investment products. As another credit union movement-owned entity, it shares the cooperative ownership model that defines Velera.
• MX Technologies: MX Technologies provides financial data aggregation, connectivity, and analytics to financial institutions, including credit unions. It is adjacent to Velera's insights and analytics product line and increasingly competes in the credit union data layer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/COOPFS

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about CO-OP Financial Services