CUNA Mutual buys fintech startup Mirador
CUNA Mutual Group has acquired the fintech startup Mirador.
Mirador’s digital-lending platform allows banks and credit unions to make decisions on loans within 24 hours. The acquisition of the Portland, Ore., startup will help deliver “a seamless experience for borrowers and lenders through a completely digital small business lending platform," CUNA Mutual said in a Wednesday press release.
CUNA Mutual did not disclose the price it paid.
CUNA Mutual bought a minority stake in Mirador last year through its venture capital entity, CMFG Ventures.
“As a current investor in Mirador, we know firsthand the strength of their team and power of their platform,” Robert Trunzo, CUNA Mutual's president and CEO, said in the release. “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."
"Today’s small-business lending marketplace requires traditional lenders to couple their approach to relationship banking with greater efficiency and scale," Trevor Dryer, Mirador's co-founder and CEO of Mirador, said in the release. "Borrowers expect a fully digital and intuitive experience.”
The deal marks the latest move by CUNA Mutual to expand its lending technology offerings. Last week the Madison, Wis., company acquired Compliance Systems, a private lending technology firm.