Acquisition Delivers a Seamless Small Business Lending Experience and Digital Platform to Credit Union Industry
MADISON, Wis. – CUNA Mutual Group today announced the acquisition of Portland, Oregon-based Mirador, a financial technology startup company that delivers a seamless experience for borrowers and lenders through a completely digital small business lending platform. CUNA Mutual Group became a minority investor in Mirador through its venture capital entity, CMFG Ventures, LLC(Opens in a new window), in August 2017.
“As a current investor in Mirador, we know first-hand the strength of their team and power of their platform,” said Robert N. Trunzo, president, and CEO, CUNA Mutual Group. “Through this acquisition, Mirador’s digital lending platform will complement our existing portfolio of lending solutions to help credit unions grow small business loans and deliver an exceptional lending experience to their members.”
Mirador’s leading digital lending platform powers a new type of relationship between small businesses and lenders, enabling banks and credit unions to profitably decision loans within 24 hours or less. The Mirador platform is designed to provide a fast, smart and secure cloud-based experience that turns burdensome paperwork into a streamlined, efficient process to the delight of borrowers and lenders, and connects small businesses to the funds they need to grow through its digital lending marketplace. Mirador works with banks, credit unions, and financial institutions across the country.
“Today’s small business lending marketplace requires traditional lenders to couple their approach to relationship banking with greater efficiency and scale. Borrowers expect a fully digital and intuitive experience,” said Trevor Dryer, co-founder, and CEO, Mirador. “We are happy to be working alongside CUNA Mutual Group as we strive to eliminate friction in the small business lending process and bring a new standard of service to small business lending across the financial services industry.”
Trunzo added, “Small business lending is an important area of opportunity for credit unions. Together with Mirador’s guidance, we will help credit unions provide another level of service to their members through better access to small business loans, further reinforcing credit unions’ commitment to serving their local communities.”
Terms of the transaction were not disclosed.
Mirador is engineering the lending revolution. Mirador’s leading digital lending platform powers a new type of relationship between small businesses and lenders, enabling banks to profitably decision loans within 24 hours or less. The Mirador Network is a digital lending marketplace connecting small business organizations with lending options. Today Mirador works with leading banks and credit unions across the U.S. and has processed more than $2 billion in small business loan applications. For more information, please go to www.miradortech.com(Opens in a new window).
About CMFG Ventures
CMFG Ventures, LLC is the venture capital entity within CUNA Mutual Group that invests in strategic, early-stage fintech and insurtech companies that support CUNA Mutual Group and the credit union industry. The company’s investment strategy focuses on financial technology, data analytics, financial education and protection, and digital channels to address gaps and opportunities within the insurance, credit union and financial services industries. Additional information about the company can be found at www.cmfgventures.com(Opens in a new window).
About CUNA Mutual Group
CUNA Mutual Group is a financially strong insurance, financial technology and investment company. For generations, we’ve partnered with credit union leaders to protect and grow their businesses, and help people plan, protect and invest for their future. CUNA Mutual Group offers commercial and personal insurance products; lending and payment security solutions; and retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.