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CUNA Mutual Group has acquired the Oregon, USA based small business digital lending platform provider Mirador. CUMA Mutual Group was an existing minority investor in Mirador through its venture capital arm, CMFG Ventures since August 2017. The terms of the transactions were not disclosed.

Mirador’s cloud-based digital lending platform enables it users such as banks and credit unions to make lending decisions within 24 hours or less. It also has Mirador network, a digital lending marketplace, that has processed more than $2 billion in small business loan applications. The fintech typically works with banks, credit unions, and financial institutions.

Trevor Dryer, Co-Founder and chief executive officer, Mirador said, “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.”

CUNA Mutual Group offers commercial and personal insurance products; lending and payment security solutions; and retirement, investment and marketing services to credit unions. Its VC arm CMFG Ventures invests in strategic, early-stage companies in areas of fintech, insurtech, data analytics, financial education & protection and digital channels.

Commenting on the Mirador acquisition, Robert N. Trunzo, president and chief executive officer of CUNA Mutual Group said, “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.”

He further added that small business lending is an important area of opportunity for credit unions and with Mirador’s capabilities, the group will be able to help credit unions provide another level of service through better access to small business loans.

Mirador is expected to retain its’ brand within CUNA Mutual Group post the acquisition as it continues to focus on the platform.

by Niket Jithra
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