Mission focused Fintech takes on challenge of bringing the next generation of membership to credit unions and offering consumers more equitable choices
SANTA ROSA, Calif.–(BUSINESS WIRE)– Today, Union Credit launched the first marketplace for credit unions to make firm, one-click credit offers at the point of purchase.
Union Credit is the pioneer marketplace for credit unions to reach new, credit-worthy members from outside their ecosystem, bringing in the next generation of membership and ultimately increasing loan volume and member acquisition and strengthening their competitive edge. Through a simple one-click loan activation embedded within their daily retail and financial activities, consumers can now access affordable credit like never before, through more convenient, transparent financing.
Union Credit announced the strategy for this marketplace in January 2023. Since then, the startup has formed significant partnerships with marketplace platforms including Way.com, Bankrate and AmOne, and other notable and nationally recognized publishers, enabling credit unions to provide north of 200 million consumers with easy access to pre-approved loan rates at the point of sale. Offers span across all consumer loan types including auto loans, credit cards, home equities, personal loans, and more.
Earlier this year, the company partnered with TransUnion as their data provider of choice to ensure lenders can intelligently assess borrower risk and provide consumers with accurate and relevant loan offers, interest rates, and repayment terms. Union Credit also formed a key partnership with Zest.ai, to allow credit unions to leverage the Zest model to extend fairer and more inclusive credit access to all consumers.
Dave Buerger, Union Credit co-founder and CEO, said, “Our marketplace is a transformative solution enabling credit unions to reach millions of consumers and offer their trusted services beyond the confines of traditional marketing channels – with lower costs and risk, removing barriers to access and expanding financial inclusion and equality. With a wide array of competitively priced products and services, credit unions are ideally suited to address consumers’ unique financial situations by responsibly granting relevant product options that match their needs and help them attain financial wellness.”
There has been an outpour of support and collaboration from forward-thinking credit unions to advance the mission of bringing in the next generation of members.
Casey G. Mauldin, Chief Revenue Officer & Chief Lending Officer of Jovia Financial Credit Union, said, “As one of the top 100 credit unions in the nation, Jovia is committed to providing exceptional service and affordable rates for our members. As we expand our digital footprint, we’re excited to embark on this journey with Union Credit, which will create new relationships with countless prospective members. Jovia is a differentiator in the financial landscape of credit union service providers, and we view this partnership as an opportunity to level the national playing field by providing access to products, services, and pricing that may not have been available before.”
Troy Kyle, EVP and CIO of America’s Credit Union, said, “The challenge for credit unions is two-fold, reaching young and new members and staying current with evolving technologies. What could take months to years in digital marketing dollars as well as IT development costs to gain new market share, Union Credit boldly accomplishes this in seconds with a few clicks of a button. Union Credit understands that consumer behavior is a reflection of cultural trends and has delivered the first simple and intuitive embedded finance platform that resonates ease of use and is built for credit unions.”
“With our continued expansion, Teachers Federal Credit Union has the ability to strengthen the financial foundations of millions of individuals across the country,” said Brad Calhoun, President and CEO of Teachers Federal Credit Union. “We are proud to partner with Union Credit and leverage their digital solutions to allow us to further broaden our reach with pre-approved loan offers to prospective members nationwide.”
Union Credit has partnered with TruStage’s digital storefront, Perpetual Offers (formerly known as CuneXus), offering its marketplace to Perpetual Offers’ nearly 250 credit union clients. Together they support financial institutions’ efforts to acquire and retain members. Co-founder of CuneXus Dave Buerger, and former SVP Barry Kirby now serve as Union Credit CEO and CRO, respectively.
About Jovia Financial Credit Union
Headquartered in Westbury, New York and celebrating its 85th anniversary, Jovia Financial Credit Union is one of the country’s top 100 credit unions with over $4 billion in assets, over 200,000 members, 22 branches, and access to over 55,000 fee-free ATMs worldwide. Jovia provides low fees and affordable financial services and products to its members across the nation, bringing great value through innovation while banking on the bright side. For more information or ways to join, visit https://www.jovia.org/.
About America’s Credit Union, a Federal Credit Union
ACU was founded in 1954 as the Fort Lewis Federal Credit Union. It was initially created to serve civilian federal employees and their families who worked at Fort Lewis (now Joint Base Lewis-McChord). Membership was later expanded to Military and eventually civilians in the region. Their original purpose, which still guides them today, was to provide a valuable alternative to commercial banks by operating as a cooperative to the benefit of their members.
About Teachers Federal Credit Union
Teachers Federal Credit Union (Teachers) is one of the country’s largest credit unions, with more than $9.5 billion in assets and more than 460,000 members across all 50 states. Founded in New York in 1952, Teachers is a full-service, not-for-profit financial institution with an open charter offering membership to anyone in the U.S. through its 33 full-service branches and best-in-class digital solutions. Teachers is a key supporter of the communities it serves and is proud to offer a range of member-focused products with competitive rates and low fees. What started as a smart solution for teachers is now smart for all. For more information, visit www.teachersfcu.org.
About Union Credit
Union Credit provides consumers with firm, one-click credit offers embedded within their daily activities. The marketplace helps credit unions break into new markets digitally with access to the front end of purchase and financing experiences. Merchants embedding Union Credit benefit from providing customers with local, competitive, and advantageous offers that are in the buyer’s best interest. Visit our website and follow us on LinkedIn to learn more.