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“We are focused on changing the way credit unions interact with their members, and this means tearing down old, and painful banking experiences” CuneXus co-founder and President Dave Buerger said. “We’re empowering people with unrivaled transparency and convenience, and this partnership with Origence makes that easily accessible to many more credit unions and consumers. Together we can provide the modern seamless lending experience that members deserve, one that equips them for financial excellence.”
The partnership allows credit unions to access CuneXus’ digital storefront, which leverages a proactive, “Perpetual Approval” approach that continuously analyzes hundreds of internal and external data points to ensure that qualified borrowers can get personalized loan offers, while simultaneously helping keep the credit union “top of mind” whenever one of its members has expressed an interest in securing financing. The methodology exchanges the typical credit application process for an ongoing automated credit approval that make the financing process less complicated for credit union members.
VP of Strategic Alliances at Origence, Aleks Bogoeski, said that the partnership with CuneXus comes at an opportune moment as consumer behavior and spending begins to rebound in the wake of COVID-19. “Our partnership with CuneXus provides a timely opportunity for credit unions to implement a dynamic digital experience that further simplifies the lending process, as member spending returns to a normal, post-pandemic pace,” Bogoeski said. “We are happy to have partnered with CuneXus to bring this service to our credit unions.”
Founded in 2011 and headquartered in Santa Rosa, California, CuneXus made its Finovate debut at FinovateSpring 2014. In the years since, the company has grown to serve more than 145 of the biggest lenders in the U.S. with its digital storefront, helping these institutions increase wallet share, generate branch revenue, and grow non-interest income. CuneXus clients represent more than $400 billion in combined assets and serve 20 million customers and members.
CuneXus was acquired by CUNA Mutual Group in the fall of last year. Announcing the move, CUNA Mutual president and CEO Robert N. Trunzo highlighted CuneXus’ “growth trajectory” – as well as its expertise and products – as features that would enhance CUNA Mutual Group’s opportunity for growth. “We are continuing our journey into a more diverse, digital-first world,” Trunzo said. “Our company is committed to using technology to enhance consumers’ access to financial solutions that work for them and create a more equitable financial system and society. This is a top priority for all of our core businesses.”
Lending and marketing automation platform CuneXusannounced this week it has agreed to an acquisition by CUNA Mutual Group. Terms of the deal were not disclosed.
CUNA began its relationship with CuneXus in 2017 when its venture capital entity, CMFG Ventures, became an early-stage investor in the Santa Rosa, California-based company.
“We are continuing our journey into a more diverse, digital-first world,” said Robert N. Trunzo, president and CEO of CUNA Mutual Group. “Our company is committed to using technology to enhance consumers’ access to financial solutions that work for them and create a more equitable financial system and society. This is a top priority for all of our core businesses.”
CuneXus works with more than 140 financial institutions to help lenders maximize customer relationships by offering turn-key access to its application-free consumer lending tool, cplXpress. The company helps banks offer pre-approved, “click-to-accept” consumer loans to customers that are personalized to appear where and when they need them.
“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,” Trunzo added.
Founded in 2008, CuneXus has raised $6.7 million.
“We are genuinely excited to join the CUNA Mutual Group family,” said CuneXus CEO Dave Buerger. “Our capabilities and culture align very well, and we believe we can greatly enhance CUNA Mutual Group’s digital evolution in the lending space.”
The new strategic partnership between CuneXus and TransUnion, announced this week, will empower financial institutions to offer highly relevant financing offers to their customers. The collaboration matches CuneXus’ Perpetual Loan Approval platform with TransUnion’s vast data assets to deliver relevant brand experiences to consumers quickly, securely, and via the digital channels they increasingly prefer.
“We are thrilled to have found a partner with a long history of customer advocacy to enhance our application-free lending solution,” CuneXus president and CEO Dave Buerger said. “If the CuneXus platform is the engine, TransUnion’s wealth of data and knowledge is the rocket fuel.”
“The CuneXus solution allows lenders to harness the power of today’s most sophisticated data assets, like trended credit data, and operationalizes that data for maximum consumer impact,” senior director of credit unions for TransUnion Sean Flynn explained. “In addition, our combined solutions will enable lenders to deploy prescreen strategies that have been optimized based on our companies’ combined expertise and many years of evaluating best practices in consumer lending.”
CuneXus demonstrated its cplXpress lending and marketing automation platform at FinovateSpring in 2018. Named Best Consumer Lending Company in the 2020 FinTech Breakthrough Awards in March, CuneXus also announced a partnership with independent GAP program provider Frost Financial Services. That agreement will integrate Frost Financial’s auto loan protection products into CuneXus perpetual loan automation platform.
Founded in 2008 and headquartered in Santa Rosa, California, CuneXus began this year with an announcement that the company had topped 2019 projections with a 40% year-over-year gain in consumer reach and now has more than 120 financial institution partners. The company has raised $6.7 million in funding from investors including CMFG Ventures.
A Finovate alum since 2016, TransUnion is a global data and insights company that serves as one of the three major credit reporting agencies. Founded in 1968 and based in Chicago, Illinois, TransUnion collects and aggregates financial data on more than one billion consumers in 30+ countries around the world. The company is publicly traded on the NYSE under the ticker symbol TRU, and has a market capitalization of $13 billion.
It is hard to imagine having a better start to your week than Plaid had seven days ago when the innovative fintech (and Finovate alum) announced that it had agreed to be acquired by Visa for $5.3 billion.
But the €90 million ($100 million) raised by Swedish open banking platform Tink on Monday is nothing to sneeze at. In fact, the funding, which is the company’s largest to date, is a reminder that investment interest in (and funding for) companies dedicated to developing the infrastructure that connects consumers, banks, and the financial technologies is very much in abundance.
“Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs, and startups to leverage the opportunities of open banking and enable them to successfully develop financial services in the future,” Tink co-founder and CEO Daniel Kjellén said in a statement.
The London-based money transfer firm, founded in 2012, promoted its COO Richard Ambrose to CEO back in August, as Azimo founder Michael Kent took what TechCrunch referred to as a lateral move to become executive chairman. Today, Fintech Futures, Finovate’s sister publication, reports that the company has appointed Dora Ziambra to the post of Chief Operating Officer. Azimo also promoted its head of finance Tatiana Okhotina to the post of Chief Financial Officer.
“We’re fortunate to have the depth of talent to fill these top roles internally,” Ambrose said in a statement. “We’re lucky too that Azimo will continue to benefit from the experience and leadership of these two outstanding women.”
Here’s our weekly roundup of the latest news from our Finovate alumni:
Union Bank to leverage technology from FIS for core banking.
Italy-based CREDEM leveragingWorldline’s Payment and Liquidity Hub software CRISTAL to process Target2 payments
POS software Vend partners with Klarna to offer retailers more flexible payment options.
U.K. food retailer The Co-operative to deployACI Worldwide’s fraud management solution, ReD Shield.
A partnership between TransferGo and Currencycloud will enable the money transfer company to enter 14 new markets.
YellowDogforges reseller agreement with Annex Pro.
Bankable cozies up with Plaid to allow its bank customers to connect with their users’ bank accounts.
Ohpenappoints former Tesla marketing leader Corinne Aaron as new head of marketing.
Segmint to acquire WAND’s Product and Service Taxonomy division.
CuneXuscelebrates 2019 success with a 40% year-over-year increase in consumer reach.
Three Key Lessons We Learned from Plaid – Unless you’ve been living under a rock, you’ve probably heard that Visa is acquiring Plaid for a deal that’s worth $5.3 billion. The fact that they were so widely used at such an early stage is a testament to the quality of their code, but there are also a few key lessons to take away from their success.
ITSCREDIT’s Joao Pinto on the Digital Lending Opportunity – ITSCREDIT is a spinoff from ITSECTOR and is a fairly new player in the digital lending space. In this interview, Pinto talks to us about the digital lending opportunity, how his company fits into the current state of this fintech subsector, and what we can expect to see next.
Kasasa Enhances its Take-Back Loan – Community bank marketing expert Kasasaannounced a partnership with Carleton today in which Kasasa will integrate Carleton’s insurance and debt protection calculations into its Kasasa Loan.
Plinqit Brings Rewards-Powered Financial Literacy to First Community Bank – One day in the distant future, children will be educated in basic financial literacy as readily as they are taught algebra. Until then, solutions like Plinqit from HT Mobile Apps will be valuable tools for credit unions and community banks looking for novel ways to engage and educate their members and customers.
Credit, Data, and Cryptocurrencies: Graychain Rebrands as Credmark – The company that is bringing credit data clarity to the cryptocurrency industry is entering 2020 with a new name.
Tradeshift Lands $240 Million as it Inches Toward Profitability – The San Francisco-based company will use the investment to boost expansion efforts and gear toward a “direct path to profitability in the near future.”
Backbase-as-a-Service Helps Banks Leverage the Cloud to Innovate and Scale – The solution makes the company’s broad portfolio of digital banking offerings available to FIs looking to accelerate their ability to develop and offer new technologies to customers.
Also on Finovate.com
Visa to Acquire Plaid in $5.3 Billion Deal – “Today marks an important milestone for our company and for fintech,” company co-founder and CEO Zach Perret wrote on the Plaid blog earlier today. “What started with two founders building in a cramped conference room has become an incredible network that enables millions of consumers to interact with over 2,500 digital finance products.”
Not Another 2020 Trends Prediction Post (Seriously, It’s Not!) – We’re taking a look at the trends you can expect to see on stage next month at FinovateEurope. To keep things simple this year, we assessed the themes at a very high level and broke them down into three categories: the big, the little, and the trends in-between.
Singapore’s Digital Banking License Space Race Accelerates – Is there anyone out there who is NOT trying to secure a digital banking license in Singapore? The Monetary Authority of Singapore announced last week that has received 21 applications for digital bank licenses.
MogoSpend Offers Credit, Cashback, and Help Reducing Your Carbon Footprint – The new digital spending account from Canadian fintech Mogo does more than help Canadians get control of their finances. The solution also offers cardholders generous cashback rewards and a way to make a positive impact on the environment by reducing their carbon footprint.
Getsafe Expands its Insurtech to the U.K. – If your insurance company is offering you drone insurance, you know it’s not your grandmother’s insurance agency. Germany-based insurtech Getsafe does just that– and the company announced today it is expanding its home contents insurance offering (though, sadly, not its drone insurance offering) to users in the U.K.
Raisin’s New Acquisition Gives Company Access to the U.S. Market – European deposit marketplace Raisin announced today it acquired New York-based Choice Financial Solutions.
French Fintech Lydia Locks in $45 Million – TechCrunch reported this morning that French mobile payment app Lydia has raised $45 million (€40 million) in a round led by Tencent.
Visa’s Tap to Phone Brings Contactless Payments to mPOS – With Visa’sTap to Phone app arriving pre-installed on the new, enterprise grade smartphone from Samsung, a broad range of merchants will have access to yet another way to accept payments from customers.
INTL FCStone Acquires International Bank Transfer Firm – Headquartered in Germany, GIROXX offers international bank transfers and currency hedging. INTL FCStone plans to leverage this technology to expand its current client base to small-and-medium-sized enterprises (SMEs).
Lending and marketing automation platform CuneXus announced signing its 100th customer today. The partnership news shows the Santa Rosa, California-based company continuing the momentum in 2019 after a year that featured major new partnerships, new product features and platform integrations, and a handful of industry awards.
“Since the launch of CuneXus, we have relentlessly pursued the idea that all consumers deserve an easier, more transparent lending experience,” CuneXus CEO Dave Buerger said. “Our achievements in 2018 advanced that goal significantly. I am incredibly proud of the team’s accomplishments last year and our current high growth trajectory.”
Above: CuneXus co-founders John Reich (CTO) and Dave Buerger (CEO) demonstrating cplXpress at FinovateSpring 2018.
CuneXus’ latest client adds to the 27 new partners the company signed last year. These partners now represent more than $175 billion in combined assets and more than 10 million U.S. consumers. The company also noted that its platform averaged more than $8 million in daily loan requests in 2018, with more than $5 billion in total approved loan requests by year’s end.
New clients for CuneXus include community FIs like Redwood CU, Suncoast CU, Community Choice CU, Commonwealth CU of Kentucky, and Nassau Educators FCU. The firm noted that one partner in particular leveraged CuneXus’ technology to lower average processing time for personal loans by 60% and its auto loan time by 80%. Another partner reported an increase of nearly 36% in overall response rates to its loan officers, with more than 10% of the credit union’s members activating offers via CuneXus’ technology.
“We are excited to build on the momentum of 2018 with a brand-new software release that delivers the ability to integrate with partner products from Kasasa, Rollick, and GrooveCar,” Buerger added. “Our outlook for 2019 is strong and we predict another year of growth, robust engagement, and product innovation.”
Founded in 2011, CuneXus demonstrated its cplXpress lending and marketing automation technology at FinovateSpring 2018. The presentation introduced a redesigned and rebuilt platform with improvements to UI, new features, faster processing speeds, deeper campaign analytics, and turn-key integration into dozens of partner systems.
Last fall, the company partnered with fellow alum and Best of Show winner Kasasa, making the its Kasasa Loans product available via CuneXus’ cplXpress platform. Over the summer, CuneXus’ technology was recognized at the 2018 Marketing Association of Credit Unions (MAC) awards, earning top honors in the Electronic Marketing category.
With $6.7 million in funding, CuneXus includes CMFG Ventures among its investors.
Lending automation platform CUneXus announced that community banking marketing provider Kasasa has integrated with its cplXpress offering.
Under the agreement, banks can leverage CUneXus’ technology to generate and extend approved offers for multiple loan types, including the Kasasa Loan, which enables borrowers to pay off their loan ahead of time and take back a portion of the funds they’ve paid off if they need it. CUneXus’ cplXpress will allow eligible borrowers to instantly access their Kasasa Loan.
“Our goal is to enable lenders to deliver the simple, personalized, mobile-friendly experience consumers expect,” said Dave Buerger, CEO of CUneXus. “With cplXpress, lenders can let their customers shop, borrow and buy in just seconds–speeding up the process and creating a superior customer experience. We’re extending this service to now include Kasasa Loans, allowing financial institutions to expand their loan options and offer something unique.”
Kasasa showed off its new loan product at FinovateSpring earlier this year. The demo won Best of Show honors. Describing Kasasa Loans, Gabe Krajicek, CEO of Kasasa said, “Designed to meet consumers’ wants and needs, it puts the customer in control.” He added, “By partnering with CUneXus, we’re elevating that experience and providing community financial institutions with an even greater competitive edge. Not only can they talk to consumers about something completely unique – a loan with take-backs – but they can offer a more convenient shopping experience overall through cplXpress.
CUneXus also most recently demoed at FinovateSpring 2018, where Buerger showcased the newest version of cplXpress that offers a more friendly user interface and more scalable SaaS format. Earlier this year, the company was awarded Gold in the Electronic Marketing Category of the MAC Awards. Founded in 2011, CUneXus is headquartered in California.
Kasasa, which was honored on the 2018 IDC Financial Insights FinTech Rankings last month, recently unveiled a new compliance tool, RegGen. The company was founded in 2004 and is headquartered in Texas.
A look at the companies demoing live at FinovateSpring on May 8 through 11, 2018 in Santa Clara, California. Register today and save your spot.
The CUneXus lending and marketing automation platform completely eliminates the loan application, providing Perpetual Approval and instant, integrated loan activation at every banking touchpoint.
Ground-up rebuild of the award-winning CUneXus 1-Click lending automation platform
Improved user interfaces, APIs, and third-party integrations
Faster implementation times and SaaS scalability
Why it’s great
CUneXus’ technology is leveraged by over 75 U.S. financial institutions to provide a truly unparalleled digital borrowing experience, and now averages over $6 million in new loan requests daily.
Dave Buerger, Founder and Chief Executive Officer LinkedIn
John Reich, Founder and Chief Technology Officer LinkedIn