CHICAGO–Alliant Credit Union said it has made an equity investment in Inclined Technologies, Inc., a fintech focused on “driving better long-term outcomes for life insurance policyholders.”
“As a credit union focused on technological innovation and bridging the digital divide, this investment aligns with the many ways in which Alliant serves the digitally banking public and furthers Inclined’s mission to allow customers to more efficiently access their own savings,” the credit union said in a statement.
According to Inclined, its proprietary technology platform offers life insurance policyholders a secure and fully automated way to access a revolving line of credit collateralized by the cash value of their whole life policy. The Inclined Line of Credit (“iLOC”) can be drawn or paid back depending on the financial needs of the borrower, and the application process takes just 15 minutes, the company said.
“We continue to seek partners that are innovative and meet niche financial needs in this environment,” said Charles Krawitz, chief capital markets officer and head of commercial lending at Alliant. “Inclined is a fintech company offering an appealing way for consumers to achieve liquidity. We are delighted to be an equity investor in their Series A funding round, and excited about the ways in which this partnership furthers digital lending.”
Additional Fintech Investments
The investment in the fintech is just the latest by Alliant. In February of this year, the
Alliant Credit Union Foundation announced it would be partnering with nonprofit organizations and providing $250,000 in grants to fund digital inclusion initiatives. In August, the credit union announced it was partnering with and investing in MANTL, an online platform “designed to help financial institutions modernize and grow.”
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