Ellafi Federal Credit Union

What Ellafi Federal Credit Union does

Ellafi Federal Credit Union is a federally chartered, member-owned cooperative financial institution founded in 1935 and headquartered in Middletown, Connecticut, with a second branch in Meriden. Positioned as Connecticut's first credit union dedicated to empowering women and gender-diverse individuals, Ellafi serves approximately 17,000 members across two-dozen Connecticut towns spanning Middlesex and New Haven counties. The institution operates with 51-100 employees and offers a comprehensive retail and small-business banking suite: five checking account variants (Cashback, Wealth Builder, ATM Fee Refund, Basic, and Fresh Start), multiple savings vehicles (Primary, HSA, Saplings youth accounts, certificates, money market, IRAs, club accounts), and a lending portfolio spanning mortgages, home equity, HELOC, home improvement, auto, personal, holiday, RV, student, and microloans ($50-$400). Business services include checking, savings, small business loans, merchant services, and payroll, with an explicit focus on women-owned small businesses.

The underlying technology platform is built on Bankjoy's digital banking infrastructure, delivering online banking, mobile apps on iOS and Android, and the JoyCompass Wellness+ personal financial management module that drives documented member retention of 93%-100% for active users. Supporting integrations include Plaid for data aggregation, Visa for card processing (Platinum, Platinum Rewards, Signature), CO-OP Financial Services for access to 30,000+ surcharge-free ATMs, DocuSign for document workflows, and digital wallet support for Apple Pay, Google Pay, and Samsung Pay. Financial education is delivered through the Enrich Financial Wellness partnership, complemented by community programming under the Ellafi Kind umbrella, Women in Business Networking Nights, and scholarship and community fund initiatives. Distribution combines in-branch and drive-up services with self-serve digital channels and shared branching.

Ellafi's revenue model is diversified across net interest income from lending (the largest component), account and overdraft fees, debit card interchange, and deposit spread on interest-bearing accounts. Pricing is structured as member-tiered subscriptions with monthly qualification criteria rather than enterprise contracts, with fee waivers available for meeting activity thresholds. The credit union is NCUA-insured up to $250,000 per depositor and holds an Equal Housing Lender designation. A December 2025 cybersecurity breach affecting approximately 17,000 individuals is currently under investigation by Lynch Carpenter LLP and represents the most significant recent operational event.

Name

Ellafi Federal Credit Union

Legal name

Ellafi Federal Credit Union

Website

https://ellafifcu.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

51–100 employees

Short description

Ellafi Federal Credit Union is a federally chartered, member-owned credit union founded in 1935 in Middletown, Connecticut, serving approximately 17,000 members across two-dozen Connecticut towns with a comprehensive retail and small-business banking suite focused on women's financial empowerment.

Ownership category

akta.pro rank

NAICS

Credit Unions (522130), Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending
• Credit union services
• Mortgage lending
• Community banking

Headquarters

HQ city

Middletown

HQ country

United States

HQ region

North America

Offices3 records

Markets served

Offering type

Services

Revenue model

1. Interest Income from Lending: Ellafi generates revenue primarily through interest earned on loans including mortgages, home equity loans, auto loans, personal loans, credit cards, student loans, RV loans, and microloans. The credit union offers competitive rates targeting women and underserved communities.
2. Account Fees and Charges: Revenue from various account-related fees including monthly service fees on certain accounts (e.g., $12 for Fresh Start Checking, $5.50 Low Balance Fee), overdraft fees (up to $35), ATM fees, and loan processing fees.
3. Debit Card Transaction Interchange: Revenue generated from debit card transactions including the Cashback Checking rewards program and debit card rewards points program where members earn points for purchases.
4. Certificate and Savings Account Dividends: Interest-bearing accounts including certificates, money market accounts, IRAs, and primary savings generate revenue spread between what is paid to members and earned.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core offering

Ellafi Federal Credit Union is a federally chartered, member-owned cooperative credit union headquartered in Middletown, Connecticut, serving consumers and small businesses in Connecticut. It provides deposit products (checking, savings, certificates, IRAs, HSAs), consumer and mortgage loans, credit cards, business banking, and digital/financial wellness tools, with a stated focus on women and allies seeking financial empowerment.

Product overview

Ellafi Federal Credit Union offers a comprehensive suite of financial products and services through a unified credit union platform. The core banking products include five checking account variants (Cashback Checking, Wealth Builder Checking, ATM Fee Refund Checking, Basic Checking, Fresh Start Checking) and multiple savings options (Primary Savings, HSAs, Saplings Savings, Certificates, Money Market, Club Accounts, IRAs). The lending portfolio spans mortgages, home equity products, home improvement loans, auto loans, personal loans, credit cards (Visa Platinum, Platinum Rewards, Signature), student loans, RV loans, and Microloans ($50-$400). Business services include Business Savings, Business Checking, Small Business Loans, Merchant Services, and Payroll. Digital banking is delivered through Online & Mobile Banking with features like Bill Pay, eStatements, and Plaid integration. Financial wellness tools include JoyCompass Wellness+ for retention-focused PFM, Debit Card Rewards, and Enrich Financial Wellness education platform. Insurance products are offered through TruStage partnerships including GAP, mechanical breakdown protection, and AD&D coverage.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 93% member retention rate for Spending Analysis users vs 83.8% baseline
• +4 more outcomes

Named customers1 record

Segments5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

14 partnerships are on record, tiered core, peripheral and minor.

• Bankjoy (JoyCompass Platform)coreTechnology or Integration · 3 June 2026Bankjoy provides JoyCompass, a personal financial management platform that Ellafi uses to offer Spending Analysis, Budgeting, and Goal-setting tools to members. This platform demonstrably improves member retention rates (93%-100% for active users vs 83.8% baseline) and is part of Ellafi's financial wellness strategy.
• TruStage InsuranceperipheralOthersPartnership providing TruStage insurance products including auto, home, and AD&D insurance offered to Ellafi members. Members can access insurance quotes through the Ellafi website.
• Enrich Financial WellnesscoreTechnology or IntegrationEnrich provides personalized financial education platform offering budgeting tools, credit guidance, career planning, and retirement resources. Free for all Ellafi members with personalized action plans based on money personality assessments.
• DocuSignperipheralTechnology or IntegrationDocuSign provides secure electronic signature services for uploading sensitive documents including mortgage, home equity, personal loan, and credit card documents.
• CO-OP Financial Services (ATM Network)coreTechnology or IntegrationCO-OP provides access to 30,000+ surcharge-free ATMs nationwide, enabling Ellafi members to access cash without fees at thousands of locations.
• VisacoreTechnology or IntegrationVisa provides debit and credit card processing services including Visa Platinum, Visa Platinum Rewards, and Visa Signature cards with zero fraud liability protection and global acceptance.
• Apple Pay, Google Pay, Samsung PayperipheralTechnology or IntegrationDigital wallet integrations allowing members to make contactless payments using their Ellafi debit and credit cards through mobile payment platforms.
• PlaidperipheralTechnology or IntegrationFinancial data aggregation service integrated with online banking for secure connection of member accounts and enhanced financial management tools.
• CoinstarminorOthersCoinstar kiosk partnership allowing members to transfer coins directly to their Ellafi account at 10,000+ participating retail locations nationwide.
• Allstate Identity ProtectionperipheralOthersIdentity protection services offered through Allstate, available to Ellafi members as an add-on protection service.
• Ellafi Insurance Agency (Insuranceaisle.com)peripheralOthersInsurance marketplace partnership providing auto and home insurance quotes and comparison tools for Ellafi members.
• CBTG and Globelé EnergyminorStrategic or Co-development PartnerExpert partners for Women in Business Networking Night events, providing cybersecurity and energy savings insights to women entrepreneurs.
• Equifi Energy LoansperipheralOthersEnergy efficiency loan program partner for HVAC, solar panels, windows, and other qualifying energy-efficient home improvements with rates as low as 5.99% APR.
• Salus Fintech (Microloans)coreTechnology or IntegrationTechnology platform powering Ellafi's microloan program ($50-$400) with quick application and instant funding capabilities for members in need of short-term financial support.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BCU (Baxter Credit Union): Member-owned credit union providing full-service consumer and small-business banking with strong digital tools. Comparable on charter type, product breadth, and emphasis on member financial wellness.
• Alliant Credit Union: Large digital-first credit union known for competitive deposit rates, robust online/mobile banking, and PFM tools. Comparable on digital-banking-led member experience and community-mission positioning, though at materially larger scale.
• Digital Federal Credit Union (DCU): Tech-forward member-owned credit union offering a full deposit/lending suite and award-winning digital banking. Comparable on credit-union charter, full-service product offering, and emphasis on digital member experience.
• Self-Help Federal Credit Union: Mission-driven community credit union focused on serving underserved and women/family-focused markets, including second-chance banking. Closely comparable on community-development mission, second-chance products (Fresh Start equivalent), and member base.
• Connex Credit Union: Connecticut-based community credit union with multiple branches across the state and a comparable mix of consumer deposits, lending, and digital banking. Highly comparable on geography, charter, and member base.
• Nutmeg State Financial Credit Union: Connecticut-headquartered community credit union serving similar consumer and small-business segments with a comparable branch and digital footprint. Directly comparable on charter type, geographic market, and product mix.
• Patelco Credit Union: Member-owned credit union offering a comparable full deposit/lending suite and community-mission branding. Comparable on credit-union charter, full-service product offering, and member-focused ethos.

Regional players

• First County Bank: Connecticut-based community bank serving consumer and small-business customers with deposits, mortgages, and SMB lending. Competes for the same southwestern Connecticut household and SMB relationships.
• Liberty Bank: Connecticut-headquartered community bank serving consumer and small-business customers across the state with comparable deposit, mortgage, and SMB offerings. Competes for the same Connecticut households and small businesses.
• Chelsea Groton Bank: Connecticut-based mutual savings bank with consumer, mortgage, and small-business banking across eastern CT. Comparable on community-banking model, Connecticut footprint, and consumer/SMB focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ellafi_fcu
• Facebookfacebook.com/EllafiFCU
• LinkedInlinkedin.com/company/ellafi-federal-credit-union
• Instagraminstagram.com/ellafi_fcu

Compliance5 records

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 Ellafi Federal Credit Union