SANTA ROSA, Calif.--(BUSINESS WIRE)--Union Credit, the only marketplace for credit unions to deliver firm pre-approved, one-click credit offers at the point of purchase, today announced the success and recognition of its platform a year after launch.
As credit unions prioritize balancing portfolios and attracting new members, Union Credit’s platform has proven to be an effective member acquisition tool. In the past year, Union Credit has integrated over 50 credit unions into its marketplace, bringing in more than 20,000 new members to the credit union movement – 60% of which were under the age of 40 – and originating over $106M in personal loans. Additionally, 35% of new members have opened checking accounts.
Union Credit achieves this by embedding pre-approved credit offers directly into digital platforms and merchant websites, including Experian, Way.com, Bankrate, QuinStreet, LendingTree, and more. This enables participating credit unions to connect with younger, credit-qualified consumers directly within the apps they already use.
Municipal Credit Union has seen significant benefits since joining the marketplace. MCU has been shortlisted by Fintech Futures for a Banking Tech Award based on member growth and process automation after a successful implementation of Union Credit's embedded fintech approach, converting over 90% of leads that choose MCU for their borrowing needs.
Michael Savino, chief lending officer at Municipal Credit Union, said, "It’s not just about lending; Union Credit is a member acquisition tool that helps us grow and thrive in a competitive market by making it easier to offer products through online platforms consumers are already familiar with. The platform’s flexibility allows us to tailor the products we offer and expand as needed, helping us connect to new members, while promoting the unique value of credit unions.”
Capital Credit Union has also seen strong results through Union Credit’s embedded approach. Steve Zich, CMO at Capital Credit Union, said, “Partnering with Union Credit allows us to connect with consumers in ways we couldn't before, offering quick access to loans and deposits right when they’re needed. It’s an important step in simplifying access to our services, promoting financial well-being within our community, and allowing us to compete with larger financial institutions and fintech.”
The latest addition to the Union Credit platform is the launch of Further, an embedded lending toolset and financial resource network, designed to strengthen credit unions’ foothold in their communities. This new channel enables local merchants, retailers and service providers to offer instant loan approval from local lenders at the point-of-sale, keeping spending within communities and easing the burden on retailers. Non-financial websites and retailers that don’t traditionally offer financing opportunities can provide an embedded finance solution to their customers, adding value for their users, while unlocking an entirely new revenue stream.
"We're proud of the success we’ve seen in our first year, supported by strategic partnerships with publisher platforms and forward-thinking credit unions," said Dave Buerger, co-founder and CEO of Union Credit. "We believe that community financial institutions are the best-kept secret in financial services, and our mission is to ensure their superior products and services are accessible to consumers at every moment of need. With the addition of Further, we continue to advance this mission, and we're excited to see how much more we can achieve in supporting our lending network and their local communities."
Union Credit’s impact has earned recognition across the industry, including a Finopotamus Tekkie Award for member growth, Finovate Award for Top Emerging Fintech Company, and named a 2024 LendTech of the Year at the Fintech US Awards; the company was also named a finalist in Fintech Future’s Banking Tech USA for its embedded finance initiatives and ranked #1 on American Banker’s 2024 Best Places to Work in Fintech list.
About Union Credit
Union Credit provides consumers with firm, one-click credit offers embedded within their daily activities. The marketplace helps credit unions break into new markets digitally with access to the front end of purchase and financing experiences. Merchants embedding Union Credit benefit from providing customers with local, competitive, and advantageous offers that are in the buyer’s best interest. Visit our website and follow us on LinkedIn to learn more.
