Caro
Caro Federal Credit Union is a not-for-profit, federally chartered financial cooperative founded in 1967, serving individual consumers and small businesses in South Carolina through deposit accounts, consumer and commercial loans, and digital banking, with three branches and access to 5,000+ shared branches nationwide.
- Company typePrivate
- Founded1967
- HeadquartersScarborough, Canada
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Caro does
Caro Federal Credit Union is a federally chartered, not-for-profit financial cooperative founded in 1967 (previously operating as Carolina Collegiate Federal Credit Union) and headquartered at 4480 Rosewood Dr., Columbia, South Carolina. It operates three branches across Columbia and Greenville, SC, and serves individual consumers and small businesses through a full suite of deposit and lending products — including Kasasa Rewards Checking, Stress-Free Checking, Rebound Checking, Cash Stash Youth Accounts, share savings, share certificates, IRAs, and loans spanning auto, home, personal, business, and recreation categories. Member access is extended beyond the three branches through the Co-op Shared Branching network (5,000+ shared branches and 30,000+ surcharge-free ATMs nationwide) and through a digital banking stack comprising iOS/Android mobile apps (Softek OFX-based), an online banking portal (recently re-platformed in January 2026), and integrations including Apple Pay, PopMoney, BillPay, Zelle, Venmo, and Cash App acceptance on youth accounts.
Revenue mechanics follow a standard credit union model: net interest income from the diversified loan book is the primary stream, supplemented by transaction fees (overdraft $35, wires $15-$60, card loan payments $15) and interchange. Membership is acquired direct-to-consumer through community involvement, local partnerships, and a $25 minimum share savings account establishing cooperative ownership. Differentiated member-facing tools include the Auto Link vehicle-shopping platform (average $3,106-$3,402 off MSRP), SavvyMoney credit score monitoring, TruStage insurance, GreenPath financial wellness counseling, and Caro Complete Coverage debt protection. The cooperative is NCUA-insured, Equal Housing Lender designated, and governed by a member-elected Board of Directors with Anne Shivers serving as President/CEO.
Caro firmographics
Firmographics- Name
- Caro
- Legal name
- Caro Federal Credit Union
- Website
- https://smartcaro.org
- Company type
- Private
- Founded year
- 1967
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Caro Federal Credit Union is a not-for-profit, federally chartered financial cooperative founded in 1967, serving individual consumers and small businesses in South Carolina through deposit accounts, consumer and commercial loans, and digital banking, with three branches and access to 5,000+ shared branches nationwide.
- Ownership category
- akta.pro rank
Caro industry classification
Industry- Product category
- Credit Union Banking and Consumer Lending
- NAICS
- Credit Unions (52213)
- SIC
- Savings Institution, Federally Chartered (6035)
- akta.pro primary industry
- Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)
- akta.pro secondary industries
- Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), General Purpose Credit Cards (FSAKABAA)
Keywords
Where Caro is headquartered
LocationHeadquarters
- HQ city
- Scarborough
- HQ country
- Canada
- HQ region
- North America
Offices4 records
Markets served
Caro business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Interest Income from Loans: Primary revenue stream from interest charged on auto loans, home loans, personal loans, business loans, and recreation loans. As a not-for-profit cooperative, profits are returned to members through better rates and lower fees.
- Fee Income: Various fees including overdraft fees ($35), wire transfer fees ($15-$60 domestic/international), skip-a-payment fees, and ATM fee reimbursements. Also includes courtesy pay services.
- Checking Account Services: Revenue from Kasasa Rewards Checking accounts where qualification requirements must be met to earn rewards. Account services include ATM fee reimbursements funded by the institution.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Monthly | Kasasa Cash - Interest-earning checking with high APY |
| Hybrid | Monthly | Kasasa Cash Back - Cash back rewards checking |
| Subscription | Monthly | Kasasa Saver - High-yield savings |
| Subscription | Annual | Membership Share Savings |
| Subscription | Monthly | Rebound Checking - Second chance checking |
| Subscription | Annual | Share Certificates |
| Subscription | Monthly | Business Checking - Standard |
| Subscription | Monthly | Business Checking - No Minimum |
| Transaction based/ take rate | Pay-as-you-go | Wire Transfers |
| Transaction based/ take rate | Pay-as-you-go | Loan Payment by Card |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels5 records
Caro product offering
Product offeringCore offering
Caro Federal Credit Union is a not-for-profit financial cooperative that provides deposit accounts (checking, savings, share certificates, IRAs, club savings), consumer and small-business loans (auto, home, personal, business, recreation), credit cards, and digital banking services through a mobile app and online platform. Members are owners of the cooperative, and surplus is returned via better rates and lower fees.
Product overview
Caro Federal Credit Union operates as a not-for-profit financial cooperative offering a comprehensive suite of banking products organized around three core pillars: deposit accounts (checking, savings, certificates, IRAs, and club accounts), lending services (auto, home, personal, business, and recreation loans), and digital banking platforms (mobile app and online banking). The core deposit products include multiple checking account tiers (Kasasa Rewards Checking with interest or cash-back options, Stress-Free Checking, Rebound Checking for credit rebuilding, and Cash Stash Youth Account), savings products with dividend earnings, Share Certificates with terms up to 33 months, and IRA accounts. Lending products span consumer auto loans with integrated Auto Link shopping tool, home mortgages including HELOC with debit card access, personal loans, business commercial lending, and recreation financing. Digital banking is delivered through a mobile app (iPhone/Android) and online banking platform enabling check deposits, bill payment, credit score monitoring, and account management. Add-on services include TruStage insurance products, Caro Complete Coverage debt protection, GreenPath financial counseling, overdraft protection services, and wire transfers. The credit union emphasizes community impact through its Community Impact Project matching donations up to $5,000.
Differentiator
Problem solved
Functional benefit
Brands
- Kasasa: A family of free checking and savings accounts that offer rewards like cash back or high interest rates for meeting qualification requirements.
- Caro Coins
- Auto Link
- Caro Mobile Banking
- Caro Smart Card
- Caro Complete Coverage
Products and services
- Kasasa Rewards Checking Rewards checking account offering either Kasasa Cash (up to 6.00% APY on balances up to $15,000) or Kasasa Cash Back (3.00% cash back on up to $200 in debit card purchases, max $8/month). Requires 12 debit card purchases, online banking enrollment, and e-statements monthly.
- Stress-Free Checking Basic no-frills checking account with mobile app and online banking access. Designed for members who want simple banking without rewards requirements.
- Rebound Checking Second-chance checking account for members rebuilding finances. Includes coaching support to help upgrade to Kasasa accounts. $25 minimum to open with $15 monthly fee. Debit-card-only transactions, direct deposit required, eDeposit unavailable.
- Cash Stash Youth Account Checking account for members under 18 with features including free debit card, mobile check deposits, and acceptance of payments through Venmo, Cash App, and Zelle. Joint account with guardian access.
- Membership Share Savings Basic share savings account required for credit union membership with $25 minimum opening deposit. Pays dividends and serves as the member's ownership stake in the cooperative.
- Share Certificates and IRAs Term savings products including Share Certificates with terms from 3 to 30 months (33-month share certificates offered for limited time), and Individual Retirement Accounts (Traditional, Educational, and Roth) with tax advantages. NCUA insured.
- Club Savings Accounts Purpose-specific savings accounts including Christmas Club for holiday savings and Dream Club for major life goals like vacations, weddings, or education.
- Auto Loans Vehicle financing for new and used cars with competitive credit union rates. Includes Auto Link tool for shopping with virtual tours and price lock guarantee, averaging $3,402 in savings off MSRP for members.
- Home Loans Mortgage products including purchase loans, Home Equity Loans (single withdrawal for large projects), and Home Equity Lines of Credit (HELOC) with debit card access. Operates under NMLS ID# 472468.
- Personal Loans Unsecured loans for various purposes including education, vacations, or debt consolidation. Positioned as an alternative to high-interest credit cards with competitive rates.
- Business Loans and Services Commercial lending including Commercial Real Estate Loans, Construction Loans, and Revolving Lines of Credit. Includes Standard Business Checking ($1,000 minimum daily balance with $15 monthly fee if balance falls below, up to 350 deposit items free monthly), Business Share Certificates, and Business Checking - No Minimum ($100 to open). Supported by dedicated small business lender.
- Recreation Loans Financing for RVs, boats, 4-wheelers, and motorcycles with flexible payment options.
- Credit Cards Caro Visa credit cards with various reward options and competitive rates, secured with Verified by Visa fraud protection service.
- Mobile Banking App Mobile banking application for iPhone, Android, and tablets enabling check deposits (eDeposit), account transfers, bill payment, credit score monitoring, PopMoney transfers, and card management through Caro Smart Card feature. Available on Apple App Store and Google Play.
- Online Banking Platform Digital banking platform with BillPay (CheckFree Guarantee, same-day payment options, external account transfers), eStatements, mobile deposit enrollment, credit score access, scheduled transfers, alerts, and PopMoney person-to-person transfers. New platform experience launched January 2026.
- Auto Link Vehicle shopping platform providing virtual tours, price lock guarantee, and dealer connections. Caro members save an average of $3,106-$3,402 off MSRP on vehicle purchases through the platform.
- TruStage Insurance Partner insurance products including Auto & Home Insurance (with member discounts), Life Insurance, and AD&D coverage offered through TruStage Insurance Agency. Over 17 million people have selected TruStage products.
- Caro Complete Coverage Debt protection product that can cancel loan balance or payments due to death, disability, or involuntary unemployment. Also covers accidental dismemberment and terminal illness.
- Wire Transfers Domestic and international wire transfer services. Domestic incoming $15, domestic outgoing $25, international wire $60 for US Dollar transfers.
- GreenPath Financial Wellness Free financial education and counseling partnership offering debt management plans, housing services, student loan counseling, credit report review, and bankruptcy counseling. Includes LearningLab+ interactive financial education courses such as Making the Most of Your Money, Homebuying 101, and Navigating Auto Loans.
Quantifiable outcome
- Average savings of $3,402 off MSRP for members using Auto Link to purchase vehicles
Companies that use Caro
Customer profileSegments4 records
Ideal customer profiles4 records
Caro technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature5 records
Caro partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- GreenPath Financial WellnesscorePartnership to offer free debt counseling, debt management plans, housing services, student loan counseling, credit report review, and bankruptcy counseling to Caro members. Also provides LearningLab+ interactive financial education courses including Making the Most of Your Money, Homebuying 101, and Navigating Auto Loans.
- Co-op Credit Union NetworkcoreShared branching network providing Caro members access to over 5,000 service centers nationwide and 48 branches in South Carolina with 10 Columbia Area Branches. Also provides over 30,000 surcharge-free ATMs through the Co-op ATM Network.
- TruStage InsuranceminorTruStage Auto & Home Insurance Program offering discounted rates on auto and home insurance for credit union members. Also offers life insurance, AD&D coverage. Over 17 million people have selected TruStage products.
- U.S. Small Business Administration (SBA)minorSBA disaster assistance and small business guidance resources. Caro directs small business owners to SBA resources for guidance through challenging times, including disaster loan assistance.
Scale indicators5 records
Recent moves1 record
Expansion highlights6 records
Caro competitors and assessment
Company assessmentDirect peers
- South Carolina Federal Credit Union: Large South Carolina-headquartered community credit union offering the same core suite of consumer deposits, auto, mortgage, and business loans to a similar SC retail and small-business membership base.
- SRP Federal Credit Union: South Carolina community credit union competing in the same Columbia/Aiken geography with comparable deposit products, auto/home lending, and digital banking capabilities.
- Palmetto Citizens Federal Credit Union: South Carolina-based community credit union serving retail members with checking, savings, auto loans, and mortgages — directly overlapping Caro's core product set and geographic focus.
- Alltru Credit Union: Mid-size community credit union operating in the Southeast with a similar member-owned, Kasasa-style rewards checking offering and full consumer lending suite.
- Self-Help Credit Union: Community development credit union serving the Carolinas with consumer and small business lending, sharing Caro's mission-driven approach to second-chance banking and financial education.
- Heritage Trust Federal Credit Union: Regional community credit union in the Carolinas offering deposit accounts, consumer loans, and digital banking — comparable in size and member-oriented value proposition.
Broad incumbents
- First Palmetto Bank: South Carolina community bank with broader commercial banking capabilities, competing for the same small business and retail deposit relationships in Caro's primary SC footprint.
- SouthState Bank: Large Southeast regional bank with deep South Carolina presence offering the full retail/small business banking suite, representing a much larger incumbent competing for the same member relationships.
Others
- Co-op Solutions (Cooperative Credit Union Network): Network operator and core infrastructure provider that powers Caro's shared branching and surcharge-free ATM access; comparable as an ecosystem participant rather than a direct competitor.
- Kasasa: Rewards-checking and savings platform provider whose products Caro's Kasasa Cash, Cash Back, and Saver accounts are built on; comparable as an enabling technology partner used by many credit union peers.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Caro social profiles
Digital presenceCaro compliance and trust
Trust signalCompliance4 records
Caro financial estimates
Financial estimateRevenue estimate
Valuation estimate
Caro leadership team
Management profileNumber of profiles
Profiles9 records
Caro funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Caro M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Caro
What does Caro do?
Caro Federal Credit Union is a not-for-profit financial cooperative that provides deposit accounts (checking, savings, share certificates, IRAs, club savings), consumer and small-business loans (auto, home, personal, business, recreation), credit cards, and digital banking services through a mobile app and online platform. Members are owners of the cooperative, and surplus is returned via better rates and lower fees.
Is Caro a public or private company?
Caro is a private company. It is classified as management employee owned and is currently operating.
When was Caro founded?
Caro was founded in 1967. It employs 11 to 50 people.
Where is Caro based?
Caro is headquartered in Scarborough, Canada, in the North America region.
How does Caro make money?
Three revenue lines are on record. Interest Income from Loans are the primary driver. The others are fee Income and checking Account Services.
Who are Caro's main competitors?
Direct peers on record are South Carolina Federal Credit Union, SRP Federal Credit Union, Palmetto Citizens Federal Credit Union, Alltru Credit Union, Self-Help Credit Union and Heritage Trust Federal Credit Union. Broad incumbents are First Palmetto Bank and SouthState Bank. Others are Co-op Solutions (Cooperative Credit Union Network) and Kasasa.
Does Caro have an API?
No public API is recorded for Caro.
What industry is Caro in?
Caro's product category is Credit Union Banking and Consumer Lending. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAAAB, Retail Lending (Personal Loans, Auto, Credit Lines). Its NAICS code is 52213 and its SIC code is 6035.