Embedded digital loan marketplace achieves significant milestones in inaugural year

Union Credit celebrates a successful first year of business. The marketplace has been a game-changer for credit unions, facilitating over $50 million in loans and bringing in over 6,500 new members in Q4 2023, with numbers continuing to increase steadily as the company’s lender and affiliate networks expand. 50% of new members were under 40 years old with an average credit score of 795.

Union Credit’s unique marketplace serves as a strategic tool for credit unions to extend their advantageous offers to a large audience of eligible consumers outside of their traditional markets and reach new and younger audiences. This helps credit unions elevate their brand nationwide, increase loan volume, and truly compete and differentiate in the industry.

In its first year, Union Credit forged key partnerships with e-commerce publishers, including Way.com, Bankrate, QuinStreet, AmOne, and more. Collaborations with TransUnion, Experian, and Zest.ai further ensured intelligent risk assessment, accurate loan offers, and inclusive credit access for over 133 million credit-qualified consumers, embedded within their everyday apps.

By seamlessly integrating credit options directly into e-commerce platforms, Union Credit simplifies the loan application process, ensures transparency, and provides quick access to funding. Consumers don’t have to leave the e-commerce platform to complete the purchase or go through their financial institution’s online banking app. They simply need to select the credit union offer that best fits their needs and complete the purchase.

Union Credit soft launched its marketplace in July 2023 and has garnered support from forward-thinking credit unions including Jovia Financial Credit Union, Dort Financial Credit Union, Cornerstone Community Financial (CCF), and more.

In just two months, Jovia Financial Credit Union experienced a 92% increase in members outside its local region, while Dort Financial Credit Union booked new loans worth nearly $700 thousand. The latter has also seen a 61% success rate with 98% of these being new members. Brian Waldron, President & CEO at Dort FCU said, “Union Credit has allowed us to digitally increase our footprint throughout the state of Michigan. We have been able to attract new members and increase our loan volume in a challenging rate environment. They are a great partner and understand and listen to our needs and provide effective solutions when we need them.”

CCF has also seen success in reaching new members. Heidi Kassab, President and CEO from the credit union said, “Our collaboration with Union Credit has led us into new digital markets, reshaping audience engagement, notably through the convenience of one-click credit offers. We are thrilled with the results it has brought to our business.”

Dave Buerger, CEO of Union Credit, said, “2023 was a pivotal year for us. We built Union Credit to bring credit unions into the forefront of today’s banking landscape with a fast, simple, and convenient experience, appropriate for today’s digital-savvy consumer. The success that our clients have seen in only a few months has reinforced our mission. I’d like to thank our team, clients and partners for their outpour of support as we continue to expand and improve our company and our product line.”

Union Credit was also awarded Finovate’s Top Emerging Fintech Company and named a winner in the 2024 BIG Innovation Awards presented by the Business Intelligence Group.