ImpactAlpha, December 9 – Portland, Ore.-based startup Mirador has developed a loan approval platform to help banks speed up the lending process for small businesses. The company has been acquired by CUNA Mutual Group, a company that supports credit unions in improving products and services to their members.
There are more than 5,400 credit unions, or member-owned financial cooperatives, in the U.S., serving 110 million members—nearly half of the country’s economically active population. These institutions have collectively issued $69 billion in business loans.
Mirador’s fintech platform helps banks review and approve small business loans digitally within a day. CUNA Mutual Group, which provides a range of insurance and investment products and other resources to support credit unions operations, acquired Mirador to expand its range of services. The terms of the deal were not disclosed.