CUNA Mutual Group – insurance and financial technology provider to credit unions – has acquired Portland, Oregon-based Mirador, a fintech startup operating a digital small business lending platform.
CUNA 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 of CUNA.
“Through this acquisition, Mirador’s digital 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 digital lending platform enables banks and credit unions to decide on loans within 24 hours or less. The company says it offers a fast, smart and secure cloud-based experience that transforms paperwork into a streamlined, efficient process 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 USA.
“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 of 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.”
Mr 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.”
