Fintech startup Live.Give.Save has been acquired by Reseda Group, a service organization owned by Michigan State University Federal Credit Union (MSUFCU) the parties announced on Tuesday.
The acquisition agreement closed on Tuesday. The terms of the deal were not disclosed.
Reseda Group will form a new company called Spave, named after Live.Give.Save's flagship app product. Reseda Group will have an 80% ownership stake in Spave while Live.Give.Save founder and CEO Susan Langer will have a 20% stake. Langer will stay on as the CEO of Spave.
Red Wing-based was founded in 2016. It makes Spave, an app that connects to users' bank accounts and deducts a set portion of their total spending to be saved as well as sent to charities of their choice; a 2.0 version of the app is now available for Apple and Android phones.
"We have been seeking a partner like Live.Give.Save. to evolve our technology offerings and be able to share that technology with the credit union industry. The credit union industry is based on the core value of people helping people, and the Spave® mobile app provides the platform for helping people through technology," Reseda Group and MSUFCU CEO April Clobes said in a statement.
Some of its investors include Golden Triangle Angel Fund and CFV Ventures. It also has an office in Charlotte, N.C.
MSUFCU is the nation's 43rd largest credit union. It has more than 300,000 members and over $6.2 billion in assets.
