CUNA Mutual Group Expands Lending Solutions with Acquisition of Portland-Based Mirador
Acquisition brings a seamless small business lending experience and digital platform to the credit union industry.
Strategic Link business partner, CUNA Mutual Group is expanding its lending solutions portfolio for credit unions with the acquisition of Portland-based Mirador, a financial technology startup company that delivers a completely digital small business lending platform.
“Mirador’s small business lending platform delivers greater efficiency in small business loans processing that will benefit credit unions throughout the Northwest,” said VP Strategic Resources, Jason Smith. “We applaud CUNA Mutual Group’s investment into a solution that is very needed.”
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 CUNA Mutual Group President and CEO, Robert N. Trunzo. “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 digital lending platform enables credit unions to approve loans within 24 hours or less. The Mirador is designed to provide a 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 credit unions 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 Mirador co-founder and CEO, Trevor Dryer. “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 credit union 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.”