Thu, Aug 24, 2017
CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group, announced its latest investment in Portland, Oregon-based, Mirador, a financial technology startup that provides a completely digital small business lending platform. Mirador supports lenders through a modern approach to borrower engagement in small business lending that can strengthen financial services relationships.
“Small business lending is an important area of opportunity for credit unions, yet the technology and process can be fragmented and difficult to navigate,” said Brian Kaas, president and managing director, CMFG Ventures. “Through our investment in Mirador, together we can help credit unions provide another level of service to their members through better access to small business loans, further reinforcing the credit union’s commitment to their local communities.”
Mirador continues to push the financial services industry to provide more modern relationship banking experiences through its small business lending platform. The company’s innovative technology supports a fully integrated, digital approach to borrower acquisition, loan application process, decisioning and borrower communication. The streamlined user experience creates efficiency to improve profitability in the complex small business lending process, which allows traditional lenders to compete in a changing lending market.
“Today’s small business lending marketplace requires traditional lenders to couple their approach to relationship banking with greater efficiency and scale. Modern borrowers expect a fully digital and intuitive experience,” said Trevor Dryer, CEO, Mirador. “We are happy to be working alongside CUNA Mutual Group as we strive to eliminate friction in the small business lending process. As we bring our services to more credit unions, we can help them provide a new standard of service for their members through small business lending.”
CMFG Ventures actively engages and evaluates startup investments that best support credit unions in serving their members with new and innovative technology products and services. CMFG Ventures’ investment strategy focuses on financial technology, data and analytics, consumer lending and asset protection technology, and advanced mobile channels. CMFG Ventures’ complete portfolio of investments can be found here.