CUNA Mutual acquires digital consumer lending platform CuneXus
TruStage announced it is expanding its digital capabilities by acquiring CUneXus Solutions , a California-based lending platform. CUNA Mutual Group became an early-stage investor in CuneXus through its venture capital entity, CMFG Ventures in January 2017.
“We are continuing our journey into a more diverse, digital-first world. 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.” – President and CEO, CUNA Mutual Group, Robert N. Trunzo.
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. Our capabilities and culture align very well, and we believe we can greatly enhance CUNA Mutual Group’s digital evolution in the lending space.” – CEO, CuneXus, Dave Buerger.
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.