MADISON, Wis. –CUNA Mutual Group said it has acquired Santa Rosa, Calif.-based CuneXus, a start-up 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 became an early-stage investor in CuneXus through its venture capital entity, CMFG Ventures, LLC, in January 2017.
“We are continuing our journey into a more diverse, digital-first world,” said Robert N. Trunzo, president and CEO, CUNA Mutual Group. “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 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 continued.
According to the company, 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 company added.
How Platform Works
“The platform uses a combination of a bank’s or 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,” CUNA Mutual said.
“We are genuinely excited to join the CUNA Mutual Group family,” said Dave Buerger, CEO, CuneXus. “Our capabilities and culture align very well, and we believe we can greatly enhance CUNA Mutual Group’s digital evolution in the lending space.”
Founded in 2008, CuneXus Solutions currently works with more than 140 financial institutions.
Terms of the transaction were not disclosed.