Partnership aims to help CUs recapture, refinance high-interest consumer debt

CUNA Mutual Group announced on Thursday that it is partnering with WithClutch in an effort to help credit unions recapture and refinance high-interest consumer debt.

WithClutch, a fintech platform focused on allowing consumers to refinance high-interest consumer loans through a digitally enabled and frictionless process, turns member touchpoints into a recapture opportunity helping credit unions increase share of wallet of existing members.

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 the 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, according to CUNA Mutual Group.

CMFG Ventures, the venture capital arm of CUNA Mutual Group, invested alongside Andreessen Horowitz in WithClutch’s Series A funding round with the goal of driving its continued growth.

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