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 Private equity firm Falfurrias Capital Partners has tapped Florida credit union  CU  consulting startup Engage Fi to be one of the recipients of its $850 million investment fund, the Tampa Bay Times reported Friday  Feb. 11 .Engage Co-Founder and CEO Jenn Addabbo did not disclose the size of the investment but noted in the report that it led to her firm adding three directors to round out the companys five-person board.Engage had looked at 10 equity firms before deciding on Falfurrias, according to the report. They have a tremendous amount of knowledge in the financial institution services space, and technology enablement, and they want to pour gasoline on the fire,  Addabbo said in the report.Fo stanley cup unded in 2014, Engage Fi employs 40 people and has more than 160 clients, including Grow Financial, MidFlorida Credit Union and GTE Financial, the report stated. The market opportunity for us to continue to expand our services and our existing customer base and go after a new, larger market in community banks is significant,  Addabbo said in the report.  The opportunity is massive. Including the oversubscribed $850 million fund backing Engage Fi, Falfurrias has raised $1.9 billion across five funds, according to the report.The funding comes at a time when CUs are facing a variety of challenges.Read more: 3 Challenges Facing Credit UnionsWhile CUs keeping attracting new members, many of them have  stanley quencher a tougher time keeping these members from turning to other financial instit stanley nz utions for some Ujey Why Isn t Retail OmniReadi
 Challengers. Neobanks. Upstart institutions. Alternative banks. These newcomers to the financial services landscape go by many names, and have gained popularity, especially among younger users, for providing access to these services via smartphone apps.While they were once seen as novelties, challenger banking institutions are further encroaching into traditional banks territory, adding new responsibilities and products to their portfolios, such as lending. The Febr kubki stanley uary聽 Digital Banking Tracker鈩?聽looks at how challenger banks in severa stanley website l global markets are living up to their namesakes and putting traditional banks on their toes.News From the Digital Banking LandscapeIn the U.K., the epicenter of the global challenger bank movement, a relatively new player recently saw its membership base increase.Digital-only bank Tandem聽announced that it now has more than 500,000 users since it launched last year. The challenger bank acquired a banking license when it launched, and offers each customer a fixed savings account, two credit cards and an app that offers personal spending advice. Tandem聽鈥?having acquired Harrods Bank, the banking division of the U.K. department store聽鈥?is looking to further expand its user base, which is still far behind other U.K. challengers like Monzo and Revolut stanley cup , with 1 million and 3 million users, respectively.The challenger bank phenomenon is not unique to the U.K. In the U.S. market, challenger bank Chime is looking to add credit services to its portfolio o