Novation Credit Union

What Novation Credit Union does

Novation Credit Union is a non-profit, member-owned cooperative financial institution headquartered in Minneapolis, Minnesota, that has operated continuously since 1954. It provides retail banking products and services — including loans, mortgages, investment products, and savings accounts — to its defined field of membership. The organization operates as a private, non-listed entity in the credit union chartered segment of U.S. depository institutions, subject to the regulatory and tax treatment afforded to that structure.

The institution is small by scale, with a stated employee headcount in the 11-50 range, consistent with a community or employer-based credit union rather than a large multi-state cooperative. Its go-to-market is membership-driven: individuals join via the credit union's defined field of membership and access products through retail banking channels rather than through a venture-backed growth model. Revenue mechanics therefore follow the cooperative model — net interest margin on deposits and loans, supplemented by fee income — rather than a venture or SaaS pricing model.

The available source material is otherwise thin: the only cited source resolves to a non-informative loader/verification page at novation.org, and no structured data on assets, membership count, product catalog, technology stack, leadership, partnerships, or recent strategic actions was provided. As a result, the description above is bounded by the firmographic facts alone; deeper qualitative claims about product depth, digital channels, or recent corporate development cannot be supported.

Name

Novation Credit Union

Website

https://novation.org

Company type

Private

Founded year

1954

Headcount range

11–50 employees

Short description

Novation Credit Union is a non-profit, member-owned cooperative bank founded in 1954 in Minneapolis, Minnesota, providing loans, mortgages, investment products, and savings accounts to its defined field of membership.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130), Credit Unions (52213), Depository Credit Intermediation (5221)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

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

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

Keywords

• Retail banking services
• Consumer lending
• Mortgage services
• Savings accounts
• Credit union services

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales

Core offering

Novation Credit Union is a member-owned, not-for-profit cooperative financial institution headquartered in Minneapolis, United States, founded in 1954. It provides retail banking services to its members, including loans, mortgages, investment products, and savings accounts, operating with a small staff of 11–50 employees.

Differentiator

Problem solved

Functional benefit

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Regional players

• Affinity Plus Federal Credit Union: Minnesota-headquartered credit union serving members with checking, savings, lending, and investment products across the same Minneapolis/St. Paul metro as Novation.
• Connexus Credit Union: Minnesota-rooted credit union with a comparable suite of consumer lending, mortgage, and savings products, operating in overlapping Minneapolis-adjacent geographies.
• Wings Financial Credit Union: Minnesota-based credit union serving members with deposits, consumer lending, mortgages and wealth services — overlapping Minneapolis-area footprint and product suite.
• Hiway Credit Union: Minnesota-based credit union offering similar full-service retail banking including loans, mortgages, and deposits to a comparable member base in the Twin Cities region.
• Local Bank CD-rate alternatives (e.g., Bell Bank): Community-focused commercial bank headquartered in the Upper Midwest offering deposits, mortgages, and consumer loans — competing for the same Minneapolis household deposit and lending relationships.

Direct peers

• Consumers Credit Union: Community credit union offering personal loans, mortgages, savings, and investment products with a member-owned model comparable to Novation's positioning.
• Alliant Credit Union: National member-owned credit union providing consumer loans, mortgages, deposits, and investment products — overlapping product offering and member-owned non-profit structure.
• SchoolsFirst Federal Credit Union: Member-owned credit union offering the same core suite of loans, mortgages, savings and investment accounts to a defined membership community.
• US Federal Credit Union: Community-focused credit union providing personal loans, mortgages, deposits and investment services to members — directly comparable product mix and member-owned model.

Broad incumbents

• Synchrony Bank: Large online consumer bank offering savings products, CDs, and personal lending — competing for the same deposit and consumer credit demand that Novation serves, particularly digitally.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat3 records

Key risks4 records

Key highlights4 records

Customer concentration

• Xx.com/NovationCU
• Facebookfacebook.com/NovationCU

Revenue estimate

Valuation estimate

Number of profiles

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 Novation Credit Union