CUNA Mutual Group and WithClutch partner to help credit unions recapture and refinance high interest consumer debt
CUNA Mutual Group announced today it will partner with WithClutch, a fintech platform focused on allowing consumers to refinance high-interest consumer loans through a digitally-enabled and frictionless process. The platform turns every member touchpoint into a recapture-opportunity helping credit unions significantly increase share of wallet of existing members.
Through the partnership, CUNA Mutual Group will work to bring WithClutch to more credit unions. CMFG Ventures, the venture capital arm of CUNA Mutual Group, 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 previous company to Carvana in 2017, helped the digital car retailer grow exponentially, and started WithClutch in 2020. The company’s mission is help Americans save billions of dollars on their debt.
“Our belief that brighter financial futures should be accessible to all squarely aligns with WithClutch’s mission to address income inequality. Together, we’ll work to drive more value to credit union members. WithClutch’s technology can help credit unions transform their relationship with members and cement their competitive advantage in an increasingly digital environment,” said Brian Kaas, president and managing director of CMFG Ventures. “The partnership and investment in WithClutch reinforces CUNA Mutual’s ongoing commitment to providing digital end-to-end solutions that help more consumers confidently make financial decisions that work for them.”
The software solution allows credit unions to identify high-interest loans that members hold outside the credit union and offer alternative loans reducing members’ interest rates and monthly payments. Through this fully-automated process, credit unions can originate loans in minutes, reduce the burden on the loan officer and minimize paperwork, and increase wallet share with existing members.
"We are on a mission to address income inequality, and credit unions are the perfect partner to do that,” said Nicholas Hinrichsen, CEO and co-founder of WithClutch. “Since we’ve started 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 are excited to support the movement."
Launched in 2016, CMFG Ventures is the venture capital arm of CUNA Mutual Group. CMFG Ventures houses two investment funds, one focused on strategic investments and partnerships to connect fintechs with credit unions and financial institutions, and one focused on early-stage investments in fintechs with diverse founding teams.
WITHCLUTCH, INC. is a technology company focused on building digital experiences for Credit Unions. The company was started in 2020 by serial entrepreneurs Christoper Coleman and Nicholas Hinrichsen. After graduating from Stanford's Graduate School of Business in 2013, the founders started a digital car retailing company which Carvana.com acquired in 2017. In 2020, Chris and Nicholas left to start up again. The founders' mission is to help Americans save billions of dollars on their debt. Andressen Horowitz, CMFG Ventures and Curql Collective are among the most renowned backers of the entrepreneurs. For more information, visit withclutch.com.
About CUNA Mutual Group
Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society.