Union Credit has recently launched to become the first marketplace for credit unions to deliver perpetual credit approval and one-click loan activation to new member prospects. As a result, credit unions can break into new markets digitally with firm offers of credit embedded into the front end of purchase and financing experiences.
To get all the details on this unique, new venture, we invited Union Credit CEO/Co-founder and CuneXus co-founder Dave Buerger and colleague CRO/Co-Founder Barry Kirby (also formerly of CuneXus) on the show share Union Credit is actually leveraging a partnership with CuneXus to offer an embedded digital storefront model outside the credit union’s digital walls and into the open market.
Union Credit will be the exclusive partner of CuneXus to offer this marketplace and initially will focus on the nearly 250 credit unions already leveraging CuneXus. These credit unions serve communities throughout the United States and represent approximately 37 million members.
According to Dave and Barry, Union Credit provides credit unions with new, credit-worthy members from outside their ecosystem by aggregating consumer data, and matching it with credit union field of membership, product, decisioning and underwriting details.
For the 250 credit unions already using the CuneXus platform, these lenders will have the ability to easily opt-in to Union Credit’s marketplace, via an existing integration with CuneXus. Once the match is made, the consumer is in charge of the relationship and their data. If they choose to move forward with an offer, it only takes one-click to engage.
Dave added that credit unions thrive on their long-lasting member relationships, but acquiring new relationships has always been a challenge. He said all that ends with Union Credit, as it advocates for credit unions on a national scale, putting them in front of consumers at their point of need. It combines the local, competitive, and advantageous offers that credit unions are known for and gives them the sophisticated platform they need to amplify existing digital services and reach new audiences.
The fintech startup is launching with $5 million in Seed funding, led by CMFG Ventures, and supported by Marin Sonoma Impact Ventures (MSIV), Array and other strategic fintech influencers. The company will use this investment to focus on building out its digital lending marketplace, SDK, and a direct-to-consumer app where consumers can manage perpetual offers of credit from local lenders that want to serve them.
Union Credit has partnered with CuneXus, a wholly-owned technology subsidiary of CUNA Mutual Group that is currently producing over $27 billion in loans annually.
