CUNA Mutual Group announced today that it will partner with WithClutch, a fintech platform aimed at enabling consumers to refinance high-interest consumer loans through a frictionless, digital process.
The platform turns every member touchpoint into a payback opportunity helping credit unions dramatically increase share of wallet for existing members.
Through this partnership, CUNA Mutual Group will strive to bring WithClutch to more credit unions. CMFG Ventures, the venture capital arm of CUNA Mutual Group, has invested alongside Andreessen Horowitz in WithClutch’s Series A funding round to drive its continued growth.
Founded by FinTech entrepreneurs Chris Coleman and Nicholas Hinrichsen, WithClutch helps credit unions better serve their members by leveraging lower rates combined with a seamless user experience. The founders sold their former business to Carvana in 2017, helped the digital car retailer grow exponentially, and launched WithClutch in 2020. The company’s mission is to help Americans save billions of dollars on their debt.
“Our belief that a better financial future should be available to everyone aligns perfectly with WithClutch’s mission to tackle income inequality. Together, we will work to bring more value to credit union members. WithClutch’s technology can help credit unions transform their relationship with their members and solidify their competitive advantage in an increasingly digital environment,” said Brian Kaas, President and CEO of CMFG Ventures. “The partnership and investment in WithClutch reinforces CUNA Mutual’s ongoing commitment to providing end-to-end digital solutions that help more consumers confidently make financial decisions that are right for them.”
The software solution enables credit unions to identify high-interest loans that members hold outside of the credit union and offer alternative loans that reduce member interest rates and monthly payments. With this fully automated process, credit unions can initiate loans in minutes, reduce loan officer burden and minimize paperwork, and increase share of wallet with existing members.
“We’re on a mission to tackle income inequality, and credit unions are the perfect partner to do just that,” said Nicholas Hinrichsen, CEO and co-founder of WithClutch. “Since we launched WithClutch, we’ve grown the business to process billions of dollars in consumer loan applications. We’re humbled by CMFG’s vote of confidence and excited to support the movement.
Launched in 2016, CMFG Ventures is the venture capital arm of CUNA Mutual Group. CMFG Ventures is home to two investment funds, one focused on strategic investments and partnerships to connect fintechs with credit unions and financial institutions, and the other focused on early-stage investments in fintechs with various founding teams .