CUNA Mutual Group acquires lending platform CuneXus
Wisconsin’s CUNA Mutual Group has acquired CuneXus, which provides financial institutions an “all-in-one digital lending platform”.
CUNA Mutual Group became an early-stage investor in CuneXus through its venture capital entity, CMFG Ventures, in January 2017.
Founded in 2008, CuneXus currently works with more than 140 financial institutions.
The platform uses a combination of a bank’s or credit union’s customer information and lending criteria, as well as customer credit history to provide loans.
“We are continuing our journey into a more diverse, digital-first world,” said Robert Trunzo, president and CEO of 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.”
CuneXus’ current customers will be “fully supported” during the acquisition. The company will continue to operate in its Santa Rosa, California location.
CUNA Mutual Group provides retirement plan services to small businesses and credit union employees.
It also provides auto, home, life and loan protection products to credit union members through its TruStage brand.
Its last acquisition occurred in 2018, when it bought up lentech firm Mirador.