#United States #Boca Raton #Open Banking #Black Dragon #PayOnward

Black Dragon Capital Makes Strategic Investments in Key FinTech Firms

Investment Overview

On August 20, 2025, Black Dragon Capital℠ announced its significant investment in two innovative financial technology companies: Open Banking Solutions and PayOnward. This move is aimed at empowering credit unions to drive innovation and eliminate outdated operational infrastructures. Black Dragon is a multi-phased global investment partner focused on utilizing advanced technology to tackle some of the most pressing challenges faced by industries today.

The Need for Innovation in Credit Unions

For years, credit unions and community-based financial institutions have encountered constraints imposed by outdated and underperforming technologies. Their reliance on inflexible vendors with punitive contract terms often obstructed their ability to adapt to changing market conditions. Outdated infrastructures not only hindered operational efficiency but also posed significant risks to reputation due to poor service and technological failures. By investing in Open Banking Solutions and PayOnward, Black Dragon intends to replace these antiquated systems with modern, effective technology.

Breakthrough Solutions from Open Banking Solutions

Open Banking Solutions, launched in February 2023, is a comprehensive cloud-based core banking platform. It serves to streamline workflows and bolster scalability for community-based financial institutions. The platform's features include:

• - Integrated digital banking functionalities
• - Digital account opening
• - A robust workflow engine
• - Management dashboards and reporting tools
• - Effective loan collection capabilities

Designed by veteran FinTech experts, Open Banking Solutions stands as a powerful alternative to legacy banking systems. The company’s CEO, Joe Lockwood, who previously served as President of COCC, leverages decades of expertise in empowering financial institutions through technology.

PayOnward: Transforming Payment Solutions

PayOnward is another groundbreaking investment from Black Dragon Capital, strategically designed as an AI-driven digital payment platform tailored specifically for credit unions and community-based financial institutions. This platform features a versatile and integrated white-label suite that includes:

• - Accounts receivable
• - Bill payments
• - Peer-to-peer transfers
• - Cross-border payments
• - Earned wage access

The insights from Cary Strange, the CEO of PayOnward, who has extensive experience in fintech and payments, play a crucial role in scaling solutions that cater to the unique needs of the industry.

Commitment to the Credit Union Community

Black Dragon Capital's investment calls for the establishment of a new credit union limited partner advisory board. This initiative ensures that investments are guided by the insights and needs of seasoned executives within the credit union community. By fostering strategic collaborations, Black Dragon aims to support credit unions in overcoming their challenges through advanced technological solutions.

The Path Forward for Credit Unions

This investment marks the beginning of a series of technological innovations aimed at addressing critical issues within the credit union space. The executives, including former leaders of Open Solutions and innovative thinkers like Louis Hernandez, have come together to ensure that this time, credit unions will own the platforms designed specifically for their needs. As Hernandez puts it, “This time, it will be owned by credit unions for credit unions.” This commitment signifies a collaborative effort to establish a sustainable economic model for the future.

Conclusion

With a long history of transforming financial institutions and focusing on community-driven economic stability, Black Dragon Capital continues to pave the way towards a more efficient, modern, and robust credit union landscape. As the landscape of digital banking and payments evolves, these investments in Open Banking Solutions and PayOnward represent a decisive step toward innovation and success for credit unions in a competitive market. By keeping pace with technological advances, credit unions will find new paths to growth and engagement in the digital-centric economy.