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§ Private Profile · 206 E Huron St, Ann Arbor, Michigan, 48104, United States
Nickels is a technology company.
Nickels develops application software, offering automated technology to assist individuals in managing and reducing credit card debt. As a credit union service organization, it provides a digital platform leveraging behavioral science to guide users toward effective debt management strategies. This solution optimizes existing credit obligations, aiming to generate financial savings.
Nickels was founded on the insight that many consumers struggle with credit card debt, requiring intelligent financial guidance. While founder details and precise dates remain undisclosed, inception reflects a belief that combining automated tools with behavioral science can significantly improve personal financial outcomes.
Primarily serving credit unions, Nickels empowers these institutions to deliver personalized debt management solutions to their members. It envisions a future where individuals efficiently navigate financial commitments, leading to substantial savings and enhanced financial well-being. Mission focuses on altering how consumers address and overcome personal debt.
Nickels has raised $4.0M across 1 funding round.
Nickels has raised $4.0M in total across 1 funding round.
Nickels is a financial technology company that builds white-label tools leveraging behavioral science to help credit unions and banks manage customer debt, primarily credit card debt, through automated, personalized guidance.[1][2][4] It serves financial institutions like credit unions by improving customer financial health, which strengthens relationships and uncovers opportunities like new loans, while solving consumer problems such as high-interest debt and poor repayment habits.[1][2] Originally focused on student loans, Nickels pivoted during the pandemic to credit card solutions like CardFit, which uses digital marketing to acquire members and demonstrate savings; today, it partners with dozens of credit unions, showing steady growth from its 2019 launch (with roots in 2018) and seed funding in 2022.[2][3][4]
Nickels emerged from a team with deep expertise in behavioral science and scalable software, including prior work at Opower (energy savings reports that powered a city like Boston for 10 years) and ideas42 (a Harvard-founded lab applying insights for social good).[2] Founders Joseph (former Product lead at WHOOP and Opower's Behavioral Marketing & Design) and Daniel met at WHOOP; the company spun out of ideas42's Venture Studio, blending behavioral design with fintech.[2] Launched in 2019 in Ann Arbor, Michigan, as Principal Interest (rebranded to Nickels in 2022 upon becoming a CUSO with seed investment from two credit unions), it initially targeted federal student loan payments for credit union members.[1][2][3] A pivotal pivot came with the pandemic's student loan freeze (lasting over three years), shifting focus to credit card debt—a massive, ongoing issue—and building early traction with credit unions.[2]
Nickels rides the wave of behavioral fintech in personal finance, where nudges outperform traditional advice amid rising U.S. credit card debt (over $1 trillion) and post-pandemic financial strain.[1][2] Timing aligns with credit unions' digital transformation needs, as members demand self-service tools amid regulatory pressures and competition from big banks; its CUSO model embeds it directly in the $2 trillion credit union ecosystem, influencing community-focused lending.[2][4] By prioritizing underserved debt categories, Nickels amplifies fintech's shift toward proactive wellness (vs. reactive lending), partnering with institutions to democratize access and counter Big Tech's data dominance in consumer finance.[1]
Nickels is poised to expand beyond credit cards into holistic financial health tools, capitalizing on AI-enhanced behavioral nudges and credit union consolidation trends.[2][4] Regulatory tailwinds like potential debt relief expansions and open banking could accelerate adoption, while its Midwest base and CUSO status position it to capture regional growth in community banking.[2] Expect deeper integrations with checking/savings products and potential Series A funding to scale nationally—influencing fintech by proving behavioral science drives measurable savings in an era of economic volatility, much like its Opower roots transformed energy use.[2] This evolution reinforces Nickels as a quiet force in making debt management as effortless as a utility bill.
Nickels has raised $4.0M in total across 1 funding round.
Nickels's investors include Flyover Capital, Reseda Group, Detroit Venture Partners, Michigan Rise.
Nickels has raised $4.0M across 1 funding round. Most recently, it raised $4.0M Seed in July 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 1, 2022 | $4M Seed | Flyover Capital, Reseda Group | Detroit Venture Partners, Michigan Rise | Announced |