CUNA Mutual Group Fortifies Commitment to Digital Expansion By Acquiring CuneXus
NEWS RELEASE
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For more information:
Phil Tschudy 608.665.7188 philip.tschudy@cunamutual.com
Rachel Strauch-Nelson 608.665.8220 rachel.strauchnelson@cunamutual.com
Fintech Start-Up Offers Consumers One-Click, Personalized Online and Mobile Lending Experience
MADISON, Wis. – CUNA Mutual Group today announced it is expanding its digital capabilities by acquiring CuneXus. The award-winning Santa Rosa, California-based start-up firm 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.”
Trunzo added, “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.”
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 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.
“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. It was named as a start-up to watch on KPMG’s global report of “The 50 Best Fintech Innovators;” the winner of the “Best Consumer Lending Company” in the 2020 Fintech Breakthrough Awards; the winner of the Callahan & Associates 2019 “Innovation in Lending” award; and the “Top Emerging Technology Company” at the 2019 LendIt Fintech Industry Awards.
CuneXus’ current customers will be fully supported, and the company will continue to operate in its Santa Rosa, California location.
Terms of the transaction were not disclosed.
About CuneXus:
Our specialized sales and marketing systems help lenders maximize the profitability of existing customer relationships. CuneXus provides turn-key access to a powerful, award-winning consumer lending strategy that has been proven to cut costs, increase sales volume, and enhance customer experience and satisfaction. For more information, visit www.cunexus.com.
About CMFG Ventures:
CMFG Ventures, LLC is the venture capital entity within CUNA Mutual Group that focuses on strategic, early-stage investments in the credit union, financial services, and insurance industries. Additional information about the company can be found at www.cmfgventures.com.
About CUNA Mutual Group:
Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located at 5910 Mineral Point Road, Madison, WI 53705.
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