TruStage Ventures

CMFG Ventures, LLC is the venture capital arm of CUNA Mutual Holding Company, established in 2016 and headquartered in Madison, Wisconsin, with an additional office in New York, New York. The firm focuses on seed and early-stage investments, specifically targeting sectors such as fintech, insurtech, consumer lending, and financial services. It typically invests between $1 million to $5 million in companies that offer innovative financial and insurance solutions aimed at enhancing financial security for consumers and credit unions. CMFG Ventures emphasizes investments in data analytics, mobile and online banking, and asset protection, leveraging its expertise to foster growth and innovation within these industries.

Sam Das

Managing Director

Mike Kraus

principal

Elizabeth McCluskey

Managing Director, Discovery Fund

30 past transactions

DataVisor

Venture Round in 2023
DataVisor is a fraud and financial crime detection service utilizing unsupervised machine learning to identify attack campaigns before they conduct any damage. DataVisor protects some of the large organizations in the world from attacks such as account takeovers, fake account creation, money laundering, fake social posts, fraudulent transactions, and more.

Caribou

Series C in 2022
Caribou develops a payment platform that puts drivers in control of their auto finances. It partners with trusted lenders to execute its mission to save customers an average of over $115/month on their car payments.

Cushion

Series A in 2022
Cushion is a venture-backed FinTech startup that is changing the way consumers pay their recurring bills. Our goal is to help Americans pay all of their bills in full and on time while avoiding nasty fees and penalties. To bring this vision to life, we are reimagining the experience from the ground up and looking for the best of the best people to join our team as we bring our game-changing bill pay solution to the tens of millions of Americans who need it: https://angel.co/company/cushion_ai/jobs

RenoFi

Series A in 2022
RenoFi Loans use the after renovation value instead of your home's current value, enabling you to borrow the most money at the lowest rates. RenoFi is not a lender, rather we’ve partnered with lenders who offer RenoFi Loans. These lenders leverage RenoFi's technology platform to seamlessly offer RenoFi Loans.

Happy Money

Series D in 2022
Meet Happy Money, we’re not just a business, we’re a movement, providing financial tools and services for human happiness, working outside of the Sad Money™ complex with an innovative business model that works for members. The category that needs a mission-based company the most – finance/banking – has none. It's time to leave mindless capitalism behind and usher in a new world of more mindful capitalism. Our mission is helping borrowers become savers™. Our values of love, trust and hustle are our culture and they inspire us to deliver for our team, our members, our partners, our investors and society. Join the Happy Money Movement today and help us deliver the future of Happy Financial Services. Happy Money. A Happier Future™. Learn more at www.happymoney.com

Finch

Seed Round in 2022
Finch empowers you to access the benefits of investing without having to significantly change the way you manage your money today. Finch lets you earn investment returns by automatically investing your balance into a portfolio of diversified exchange-traded funds (ETFs) designed to match your unique risk profile. This means your entire balance is always working for you, from day one, no matter what your balance is. Finch further pushes the envelope by enabling you instant access to your money when you need it (even the invested part!). The company was founded in 2019 and headquartered in Boston, Massachusetts.

Posh

Series A in 2021
Posh is a conversational AI and NLP technology development company that enables developers to deliver a new way to interact with users. With Posh, website actions that takes minutes to complete can be sped up to just seconds with a simple message from bots. Companies in finanical services, healthcare, utilities, and beyond are using the Posh platform to re-create call centers and automate routine requests for both customers and staff while saving time and money. The company wants to make the internet experience easier and more enjoyable. Posh was launched on 2015 and is based in Boston, Massachusetts.

TRED

Series B in 2021
TRED is the most trusted way to buy or sell a pre-owned car—with the largest network of trusted buyers and sellers, and the most advanced technology and financing options.

Home Lending Pal

Seed Round in 2021
Home Lending Pal charges lenders monthly to implement fairness solutions to increase fairness and profits. We remove preconceived notions from lenders that increased fairness equals decreased profits while building trust and engagement with marginalized communities. Our monthly software + CRA Qualifying Marketing fees for banks aim to increase compliance, speed, and readiness through automation. HLP customer success teams lead marketing optimizations to increase application volumes, approval, and take rates.

Momnt

Seed Round in 2021
Momnt is a provider of modern lending solutions for businesses to offer affordable, low-friction finance at the moment of need. Their API-based platforms use alternative data sources and machine learning and artificial intelligence-informed decision engines to present real-time loan offers tailored to each individual borrower, all while remaining compliant with the banking industry's current regulatory structure.

SmartAsset

Series D in 2021
SmartAsset is an online destination for consumer-focused financial information and advice that powers SmartAdvisor, a national marketplace connecting consumers to financial advisors. Reaching approximately 75 million people each month (as of Sept. 2021) through its educational content and personalized calculators and tools, SmartAsset’s mission is to help people make smart financial decisions. Ranked on the Inc. 5000 list of fastest-growing private companies in 2021, SmartAsset recently closed a $110 million Series D round, valuing the company at over $1 billion. SmartAsset was also named to Y Combinator’s list of Top 100 Companies of all time, 2021 Best Financial Planning Technology Company in New York by Wealth & Finance International, and Forbes’ list of America’s Best Startup Employers in 2020.

Splash Financial

Series B in 2021
Splash Financial''s mission is to make people more powerful than their debt. To that end, Splash helps borrowers easily shop and compare financial products from a Splash-powered network of credit unions and bank partners. Splash’s unique hybrid marketplace model and automated underwriting platform has helped the average person refinancing their student loans save thousands. Splash has raised over $60 million in venture capital from leading investors including DST Global, Citi Ventures, Detroit Venture Partners, CMFG Ventures and Northwestern Mutual Future Ventures.

Eltropy

Venture Round in 2021
Eltropy enables Financial Institutions to digitally engage in a secure and compliant way via Text, Video, Audio, Secure Chat and Social Messaging. Using our world-class digital communications platform, Credit Unions, Banks, Debt Collectors, Insurance Companies, Lenders and FinTechs can improve operations, engagement and productivity. Eltropy also integrates with IT systems, such as Symitar and Corelation, and uses Analytics to provide engagement insights.

Caribou

Series B in 2021
Caribou develops a payment platform that puts drivers in control of their auto finances. It partners with trusted lenders to execute its mission to save customers an average of over $115/month on their car payments.

Beem

Pre Seed Round in 2021
If you are below the 80th income percentile, life has become unaffordable for you. In the US this is most people earning less than $134K/yr. For 99% of these folks, there is mismatch of when funds arrive into their accounts and when they need it for everyday expenses. They often don’t have a credit card and definitely don’t have excess income to bridge the gap. In addition to this, life critical services cost an unreachable $1400 or more per month. Beem uses AI to bridge this mismatch and reduce cost for these services by 90%. Beem works for everyone, including immigrants, undocumented folks, gig workers, tip based wage earners, seasonal earners and more. In the grand scheme of things, Beem is folding a large segment of informal economy into the formal economy by eliminating barriers and in turn delivering economic agains for the nation and people working in it. Beem plans to do this around the world, we are currently doing it in the US, we will be doing it in India next where $6T is stuck in the informal economy. If you want to talk to us, you can schedule time at https://calendly.com/beemfi

Steady

Series B in 2020
Steady removes barriers to earn through its income intelligence that supports over 3 million hourly, 1099 and mixed-earners in earning more, an average of over $5,500 per year. Steady's view of income also applies its technology for purposes of income measurement that fills the wage data gap for public and private sector entities that service this worker population in areas such as the administration of public sector benefits. Steady was founded in 2017.

Splash Financial

Series A in 2020
Splash Financial''s mission is to make people more powerful than their debt. To that end, Splash helps borrowers easily shop and compare financial products from a Splash-powered network of credit unions and bank partners. Splash’s unique hybrid marketplace model and automated underwriting platform has helped the average person refinancing their student loans save thousands. Splash has raised over $60 million in venture capital from leading investors including DST Global, Citi Ventures, Detroit Venture Partners, CMFG Ventures and Northwestern Mutual Future Ventures.

Jenny Life

Series A in 2020
Jenny Life is a life insurance technology company whose platform offers streamlined life insurance coverage. The traditional life insurance buying process typically takes 4-7 weeks. Jenny Life built the world's first native mobile apps, as well as a web app, to help consumers instantly get a quote for life insurance, apply without the necessity of a health exam, and purchase a policy, typically 10x faster than the old fashioned way. Founded in 2018 by Chirag Pancholi and Lief Larson and is headquartered in Seattle, Washington. The company has primarily focused on serving women, mothers, and underrepresented people with the underlying goal of helping to close the mortality protection gap.

Caribou

Series A in 2020
Caribou develops a payment platform that puts drivers in control of their auto finances. It partners with trusted lenders to execute its mission to save customers an average of over $115/month on their car payments.

Gabi

Series B in 2020
Gabi monitors insurance rates from all carriers and provides unbiased advice on the optimal coverage. Gabi provides a free, online "personal insurance shopper" that is licensed throughout the US and works with the nation's largest insurance companies including Nationwide, Travelers, and Safeco and new entrants such as American Family Insurance-backed Clearcover. Its technology automatically and continuously comparison shops for the best insurance products for its customers, saving them time and money. Switching from one insurance provider to another, as well as, tracking multiple insurance products is made easy with the Gabi app. Founded by Hanno Fichtner, Krzysztof Kujawa, Vincenz Klemm and Pawel Olszewski, the company is based in San Francisco with a technical team in Lodz, Poland.

BankBI

Series A in 2019
BankBI is a Business Intelligence and Analytics for financial institutions. They give financial institutions enterprise quality software at much lower cost of setup and operation. BankBI's management team combines the passion and experience that has led to the creation of a new breed of BI applications for the banking sector. Their mission is to make it simpler for their customers to significantly improve their business intelligence by delivering insight and analysis of their key performance metrics, via the cloud. They do this by leveraging decades of banking and software development expertise within the BankBI team and packaging it into their applications, delivery and support methodologies.

Current

Series B in 2019
Current is a leading U.S. challenger bank built to meet the needs of people with unique lives who have been overlooked by the traditional banking industry. Our proprietary Current Core technology allows us to provide premium banking services for everyone, regardless of age or income, and improve the financial outcomes of our members without overdraft fees, minimum balance requirements, or hidden fees. We give members up to two days faster direct deposit paychecks, free overdrafts up to $100 with Overdrive™ , points on purchases redeemable for cash back, access to 55,000 free ATMs worldwide as well as 24/7 member support 365 days a year.

Happy Money

Series D in 2019
Meet Happy Money, we’re not just a business, we’re a movement, providing financial tools and services for human happiness, working outside of the Sad Money™ complex with an innovative business model that works for members. The category that needs a mission-based company the most – finance/banking – has none. It's time to leave mindless capitalism behind and usher in a new world of more mindful capitalism. Our mission is helping borrowers become savers™. Our values of love, trust and hustle are our culture and they inspire us to deliver for our team, our members, our partners, our investors and society. Join the Happy Money Movement today and help us deliver the future of Happy Financial Services. Happy Money. A Happier Future™. Learn more at www.happymoney.com

Vault

Seed Round in 2018
Vault provides the most comprehensive software platform in the market to address the financial burden of student loan debt. Our intuitive web-based tool provides a highly secure employee experience that empowers employees to achieve financial freedom. With the option to make contributions to employees’ debt repayment, Vault enables companies to attract and retain their valuable talent. Vault empowers companies with relevant, flexible products that provide advice, create pathways to manage student debt more effectively, and enable paying-down student loans while building 401(k) savings.

ForeverCar

Debt Financing in 2017
ForeverCar is a platform that provides solutions for consumers to manage their car repair experience. From vehicle service plans to a full concierge treatment of the customer journey, ForeverCar removes the hassle of getting your car repaired. Our distribution is directly to consumers through www.forevercar.com. We also have a B2B2C strategy through partners like Liberty Mutual and CUNA Mutual Group. We are a vertically integrated solution, managing all facets of customer shopping, buying, paying and utilization (submitting and tracking claims) of a vehicle service plan. We have received an A+ rating from the Better Business Bureau, boast over 600 4 and 5-star reviews and received the 2016 Chicago Innovation Award.

MortgageHippo

Seed Round in 2017
Based in Chicago, MortgageHippo is a financial technology company offering a comprehensive suite of web and mobile-ready products white-labeled for banks, credit unions and mortgage lenders. MortgageHippo is focused on delivering an intuitive, smooth and efficient Borrower and Lender Experience.

Rippleshot

Venture Round in 2017
Rippleshot reduces over 25% of fraud losses for banks and merchants by uncovering merchant data breaches and stopping card fraud sooner. Rippleshot’s technology monitors tens of millions of merchants to pinpoint when and where a data breached occurred. Rippleshot stops losses, protects brand reputation, and safeguards the consumer payment experience. Get immediate results visualized through our cloud-based big data analytics platform.

CuneXus

Series A in 2017
CuneXus was founded by financial services veterans determined to transform consumer lending by making it simple for lenders to deliver the personalized, mobile, always-on customer experience consumers have come to expect, while helping institutions grow loan volume and revenue by being with their customers as they shop. Our cplXpress lending automation platform enables lenders to provide their customers with “perpetual loan approval.” This unique and timely solution utilizes advanced data analysis to completely eliminate the loan application process, granting consumers total transparency into their personal borrowing power and “1-click” access to highly-personalized, pre-approved loans at every banking touchpoint. As of 2019, the company serves a client roster of over 100 U.S. financial institutions, representing over $350 billion in combined assets and over 13 million consumers. The platform averages over $10 million in daily loan requests, and has generated billions in loan volume since its 2014 debut. Among its numerous accolades, CuneXus was recognized on KPMG’s global report of “The 50 Best Fintech Innovators”; was named one of 20 FinTech Forward “Companies to Watch” by American Banker and BAI; won the 2019 Callahan and CreditUnions.com award for “Innovation in Lending”; and was named the “Top Enterprise Technology Company” at the 2019 Lendit Fintech Industry Awards.

ForeverCar

Series A in 2016
ForeverCar is a platform that provides solutions for consumers to manage their car repair experience. From vehicle service plans to a full concierge treatment of the customer journey, ForeverCar removes the hassle of getting your car repaired. Our distribution is directly to consumers through www.forevercar.com. We also have a B2B2C strategy through partners like Liberty Mutual and CUNA Mutual Group. We are a vertically integrated solution, managing all facets of customer shopping, buying, paying and utilization (submitting and tracking claims) of a vehicle service plan. We have received an A+ rating from the Better Business Bureau, boast over 600 4 and 5-star reviews and received the 2016 Chicago Innovation Award.
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