A Raleigh-based company developing software for credit unions has raised $3 million in Class A financing.

Constellation Digital Partners LLC secured the investment from Teachers Credit Union, based in South Bend, Indiana.

Constellation launched in May and is developing a software platform for digital banking for credit unions and members.

The first version is slated to launch in the fourth fiscal quarter of this year.

“We are thrilled to partner with Teachers Credit Union to bring Constellation to life,” said Constellation CEO Kristopher Kovacs in a statement. “Credit unions are under extreme pressure from both members and existing service providers as they try and build next-generation services for members.

Despite a recent boom of potential financial technology partners, credit unions have not been able to access them because of the legacy structure of credit union relationships with current digital banking providers.

Seven other credit unions with $16.3 billion in assets have invested in the platform.

The other partners include: Coastal Credit Union, CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union and Nusenda Credit Union.

Before joining Constellation, Kovacs was senior vice president of operations at Coastal Federal Credit Union. He also served as vice president of e-commerce technology at Coastal Federal.