CUNA Mutual partners with Clutch
CUNA Mutual Group announced a partnership with Clutch, a fintech startup offering a digital car loan refinancing solution for credit unions.
As part of the partnership, CUNA Mutual will work to bring Clutch to more credit unions. CMFG Ventures, the venture capital arm of CUNA Mutual Group, invested alongside Andreessen Horowitz in Clutch’s Series A funding round.
Founded in 2020, Clutch’s software solution allows credit unions to identify high interest loans that members hold outside the credit union and offer alternative loans to potentially reduce members’ interest rates and monthly payments.
“Our belief that brighter financial futures should be accessible to all squarely aligns with WithClutch’s mission to address income inequality. 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.” – Brian Kaas, president and managing director of CMFG Ventures.
“We are on a mission to address income inequality, and credit unions are the perfect partner to do that. 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.” – Nicholas Hinrichsen, CEO and co-founder.