CUNA Mutual Group expands lending solutions with acquisition of Mirador
Acquisition delivers a seamless small business lending experience and digital platform to credit union industry
MADISON, WI (December 5, 2018) — 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, 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, cofounder 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.
About TruStage
TruStage is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
About Mirador
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.
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.
