CUNA Mutual Group has acquired the digital lending platform CuneXus.
CUNA Mutual’s venture capital arm, CMFG Ventures, was an early backer of the platform, first investing in it in January 2017.
The acquisition was announced Thursday. Financial terms were not disclosed.
CuneXus is intended to provide a seamless lending experience across a variety of touchpoints, including digital and tangible loan offers, online and mobile banking access, click-to-accept loan functionalities and more.
CUNA Mutual CEO Robert Trunzo said the deal is part of the company’s push “into a more diverse, digital-first world.”
“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,” he added.
Dave Buerger, CEO of CuneXus, said the two companies’ cultures and capabilities are well aligned, “and we believe we can greatly enhance CUNA Mutual Group’s digital evolution in the lending space.”
CuneXus is expected to continue operating out of its Santa Rosa, Calif., headquarters. CUNA Mutual is based in Madison, Wis.
More than 140 financial institutions currently work with CuNexus.
