Finovate Blog

Lending automation company CUneXus published some impressive growth stats today. Here’s a quick overview of a few of the California-based company’s success metrics:

• Grew from 45 FI clients to 72 over the course of one year, from 2016 to 2017, a 60% year-over-year increase
• Reaches more than 6.5 million potential end consumers across the U.S.
• Averaging more than $6 million in new loan requests per day
• Generated more than 140,000 loans totaling more than $2.5 billion with its 1-click borrowing solution

“These extraordinary end of year results reflect the excitement and momentum CUneXus generated in 2017, when we expanded our product line, announced new distribution channels and partnerships, and added dozens of new bank and credit union customers,” said CUneXus CEO Dave Buerger.

Among CUneXus’ clients are Credit Human, First American Bank, Digital Federal Credit Union, Redstone Federal Credit Union, Arizona Federal Credit Union, and CAP COM Federal Credit Union. These and other FI clients have reported that CUneXus has helped contribute to their own success, including:

• Loan processing times cut in half
• A 110% increase in pre-approved lending activity
• A 135% spike in funded loan amounts

According to Buerger, the company has more product announcements, client deals, and partnerships in store. And, he added, “We’re on track to surpass $5 billion in loans by year-end 2018.”

CUneXus, which has been recognized as one of 20 startups to watch in 2017 by American Banker’s Fintech Forward, was launched to help lenders boost their loan volume by delivering a personalized customer experience clients have begun to expect. The company’s cplXpress platform delivers a “perpetual loan approval” that gives users the ability to borrow in a single click.

At FinovateSpring 2016, CUneXus debuted AutoXpress, a solution that enables pre-approved customers to shop car inventories at local dealerships from within their bank or credit union’s mobile app– all at pre-negotiated prices. The shopping experience, which is made possible through a partnership with Edmonds.com, enables users to shop for and submit a purchase request for vehicles remotely, without price haggling or going through a loan application process. Last summer CUneXus announced it teamed up with MeridianLink to power one-click loans for its clients.