A branch of CUNA Mutual Group said Tuesday that it has invested in a California technology firm that provides credit union members with an easy way to explore and apply for loans online or via their mobile devices.
CMFG Ventures, LLC, the new venture capital entity of Madison, Wis.-based CUNA Mutual Group, invested $2.5 million to $5 million in CUneXus Solutions based in Santa Rosa, about 55 miles north of San Francisco.
CUneXus launched an online and mobile platform in 2013 based on a “shop, borrow and buy” model. For example, a consumer can walk into an auto dealership, open the mobile app and know how much they can borrow and at what rate. Then they can obtain the loan on the spot through the app.
This platform called Comprehensive Pre-Screened Lending (CPL) express, or cplXpress, works by combining data from both financial institution on its customers and lending criteria with the customer's credit history, behavior and location.
CUneXus now works with 46 credit unions nationwide. Brian Kaas, CMFG Ventures' president and managing director, said the technology will help credit unions grow by originating a greater portion of loans from members through better and timelier offers.
“CUneXus' technology gives credit unions better insight into members' creditworthiness and borrowing abilities, helping them offer targeted lending solutions using convenient mobile channels,” Kaas said.
CMFG Ventures typically makes initial investments of $1 million to $5 million in Series A or B rounds on companies that focus on mobile and online banking, financial services or insurance technology. Since its launch last year, CMFG Ventures' other investments have been in Align Income Share Funding (formerly Cumulus Funding), Chicago; Forevercar, Chicago; SmartAsset, New York, N.Y. and Springboard Auto, Irvine, Calif.
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