Financial services and insurance group Cuna Mutual is buying one of its portfolio companies, US-headquartered online lending platform CuneXus, for an undisclosed amount.
Founded in 2011, CuneXus operates a digital lending platform that helps banks and credit unions use customer data to offer loans to customers without them needing to formally apply.
Cuna Mutual had invested an undisclosed amount in CuneXus in 2017 through corporate venturing arm CMFG Ventures. The deal involved it leading a series A round sized at $5m as of the year before when the company had raised $7m altogether.
Robert N. Trunzo, president and chief executive of Cuna Mutual Group, said: “We are continuing our journey into a more diverse, digital-first world.
“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.”
