CUNA Mutual Group today announced it is expanding its digital capabilities by acquiring CuneXus. The award-winning 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 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.”
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: CUNA Mutual group is a financially strong insurance, investment and financial services company enabling people to make financial decisions that work for them. The company was built on the principle of “people helping people” and the belief that a brighter financial future should be accessible to everyone. 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.