CUNA Mutual Group has acquired digital lending platform provider CuneXus.
The acquisition of California-based CuneXus, whose one-click pre-approved lending platform serves banks and credit unions, marks a continuation of CUNA Mutual Group’s journey “into a more diverse, digital-first world”, according to president and chief executive officer Robert Trunzo.
He continued: “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.”
CUNA Mutual Group invested in CuneXus in 2017 through its venture capital arm, CMFG Ventures. The terms of the acquisition were not disclosed.
CuneXus, which works with more than 140 financial institutions, enables them 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, behaviour and location to identify the best potential loan offers for consumers.
Wisconsin-based CUNA Mutual Group provides retirement plans services and insurance products to businesses and credit union members.
Trunzo said: “CuneXus is on a strong growth trajectory, and adding their expertise and product solution to our company portfolio allows us to maximise its growth potential and enhance our long-standing efforts to make a brighter financial future accessible to everyone.”
Dave Buerger, chief executive officer of CuneXus, said: “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.”