CUNA Mutual Group Acquires CuneXus
Financial terms of the deal are not disclosed, but CMFG Ventures, LLC has been an early investor in the company since 2017.
CUNA Mutual Group announced on Thursday that is has acquired fintech start-up CuneXus in Santa Rosa, Calif.
According to the Madison, Wis.-based CUNA Mutual Group, the acquisition will aim to help expand its digital capabilities.
“We are continuing our journey into a more diverse, digital-first world,” Robert N. Trunzo, president/CEO for CUNA Mutual Group, said. “Our company is committed to using technology to enhance consumers’ access to financial solutions that work for them and create a more equitable financial system and society. This is a top priority for all of our core businesses.”
CuneXus provides financial institutions “an all-in-one digital lending platform that offers consumers a quick, easy and personalized online and mobile lending experience.” CUNA Mutual Group, through its venture capital arm, CMFG Ventures, LLC, was an early-state investor in CuneXus in January 2017.
According to information provided by CUNA Mutual Group, “CuneXus provides a seamless lending experience across every touchpoint, from targeted email and postal mail loan offers, through online and mobile banking access, to branch and call center customer support. Its digital platform enables financial institutions to offer pre-approved, ‘click-to-accept’ consumer loans to customers where and when they need them.”
The platform uses a combination of a credit union’s customer information and lending criteria, as well as customer credit history, behavior and location to identify the best potential loan offers for consumers – with no application necessary.
“CuneXus is on a strong growth trajectory, and adding their expertise and product solution to our company portfolio allows us to maximize its growth potential and enhance our long-standing efforts to make a brighter financial future accessible to everyone,” Trunzo said.
“We are genuinely excited to join the CUNA Mutual Group family,” Dave Buerger, CEO for CuneXus, said. “Our capabilities and culture align very well, and we believe we can greatly enhance CUNA Mutual Group’s digital evolution in the lending space.”
Financial terms of the acquisition were not disclosed.