Cuna Mutual Group, the US-based financial services provider formerly known as Credit Union National Association, has committed $15m to set up a minorities-focused impact investment fund through its corporate venturing unit, CMFG Ventures.
Elizabeth McCluskey, who had joined CMFG Ventures from Impact Engine, a women-owned and led venture capital and private equity firm, will run the Discovery Fund.
The vehicle will invest in early-stage companies with diverse founding teams targeting the financial technology industry. Its first three deals are:
- Home Lending Pal, an artificial intelligence-powered mortgage adviser and blockchain-based marketplace;
- Line, an onlline platform through which consumers can access up to $1,000 for essentials or emergencies with no interest or income restrictions; and
- Pulsate, a marketing communications platform for financial institutions.
CMFG Ventures has invested more than $200m in 28 companies over the past five years, primarily focusing on series A and B rounds.
Brian Kaas, president and managing director of CMFG Ventures and senior vice-president of corporate development at Cuna Mutual Group, said: “We see a great opportunity to provide resources to help these young companies develop by getting in front of credit unions and credit union customers.
“Credit unions are mission-based, serving middle market communities that are too often overlooked by other financial services providers.”
Photo of Elizabeth McCluskey courtesy of LinkedIn.
