(Vineyard in Santa Rosa, Calif., home of CUneXus Solutions. Photo credit: RadioKirk.)
CMFG Ventures, LLC, the venture capital arm of CUNA Mutual Group (Madison, Wisc.) has announced its investment in California-based CUneXus Solutions (Santa Rosa, Calif.), a financial technology start-up providing banks and credit unions with mobile marketing technology to quickly and easily offer pre-approval for personalized lending products. CMFG Ventures is the lead investor in CUneXus’ Series A funding round.
CUneXus uses advanced data analytics to help credit unions give members new insight into their personal borrowing power in the form of perpetual loan approvals presented within the credit union’s mobile and online banking tools. The company’s cplXpress platform delivers tailored refinancing and lending options through a simple, mobile-friendly experience that helps credit unions grow lending, reduce borrower acquisition costs, and guard against non-financial lenders. CUneXus currently works with 46 credit unions nationwide.
“Lending is foundational for credit unions, and keeping loans in the credit union ecosystem is crucial to their long-term growth,” comments Brian Kaas, president and managing director, CMFG Ventures. “CUneXus’ technology gives credit unions better insight into members’ creditworthiness and borrowing abilities, helping them offer targeted lending solutions using convenient mobile channels.”
CUNA Mutual Group characterizes its investment in CUneXus as part of an ongoing commitment to helping consumers and their families plan for, protect and invest in their future.
“Providing a personalized and streamlined member experience in the lending process is a critical focus for credit unions,” comments Dave Buerger, co-founder and CEO, CUneXus. “By empowering members with perpetual loan approval and instant one-click activation, we’ve eliminated much of the friction and introduced a new level of clarity and convenience that benefits both the credit union and the member.”
Launched in 2016, CMFG Ventures actively engages and evaluates start-up investments that best support credit unions in serving their members with new and innovative technology products and services. CMFG Ventures’ investment strategy targets start-ups focusing on data and analytics, consumer lending and asset protection technology, and advanced mobile channels. To date, CMFG Ventures has invested in a number of start-up companies, including ForeverCar, SpringboardAuto.com, Cumulus Funding, and SmartAsset.