MADISON, Wis. – CUNA Mutual Group said it has entered into a partnership with WithClutch, a fintech platform focused on allowing consumers to refinance high interest consumer loans through a “digitally-enabled and frictionless process.”
“The platform turns every member touchpoint into a recapture-opportunity helping credit unions significantly increase share of wallet of existing members,” the company said.
Through the partnership, CUNA Mutual Group said it will work to bring WithClutch to more credit unions. CMFG Ventures, the venture capital arm of CUNA Mutual Group, invested alongside Andreessen Horowitz in WithClutch’s Series A funding round to drive its continued growth.
The company was founded by fintech
entrepreneurs Chris Coleman and Nicholas Hinrichsen, who sold their previous company to Carvana in 2017. That sale “helped the digital car retailer grow exponentially and started WithClutch in 2020. The company’s mission is help Americans save billions of dollars on their debt,” CUNA Mutual stated.
Addressing Income Inequality
“Our belief that brighter financial futures should be accessible to all squarely aligns with WithClutch’s mission to address income inequality,” said Brian Kaas, president and managing director of CMFG Ventures. “Together, we’ll work to drive more value to credit union members. WithClutch’s technology can help credit unions transform their relationship with members and cement their competitive advantage in an increasingly digital environment. The partnership and investment in WithClutch reinforces CUNA Mutual’s ongoing commitment to providing digital end-to-end solutions that help more consumers confidently make financial decisions that work for them.”
How it Works
According to CUNA Mutual, the software solution allows credit unions to identify high-interest loans that members hold outside the credit union and offer alternative loans reducing members’ interest rates and monthly payments. Through this fully-automated process, credit unions can originate loans in minutes, reduce the burden on the loan officer and minimize paperwork, and increase wallet share with existing members, CUNA Mutual added.
“We are on a mission to address income inequality, and credit unions are the perfect partner to do that,” said Hinrichsen, CEO and co-founder of WithClutch. “Since we’ve started WithClutch, we’ve grown the business to process billions of dollars in consumer loan applications. We’re humbled by CMFG’s vote of confidence and are excited to support the movement.”
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