Union Credit, a marketplace for credit unions to deliver perpetual credit approval and one-click loan activation, has arisen from stealth with $5m in seed funding.
The round was led by CMFG Ventures, and supported by Marin Sonoma Impact Ventures (MSIV), Array and other strategic fintech influencers.
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 the firm’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.
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 CEO Dave Buerger said, “Credit unions thrive on their long-lasting member relationships, but acquiring new relationships has always been a challenge. Today that ends. The company 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.”
“We’re building an exceptional team and a tremendous support group of partners and investors. There’s great potential here to profoundly impact the industry and take it forward.”
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