Santa Rosa’s Union Credit receives fintech innovation award
Less than a year in operation, Union Credit received the 2023 Finovate award as a top emerging fintech company, the Santa Rosa firm announced this month.
The award, which recognizes the “best new innovations in financial services technology,” was handed out on Sept. 12 during a ceremony in New York City. CEO Dave Buerger accepted the award.
Buerger said he was “pleasantly surprised” about receiving the top honor, which joins the list of 2,500 innovations since 2007.
Rolling out its first product line in July, Union Credit essentially serves as a digital liaison between credit unions and prospective customers seeking financial services such as loans. The requests are channeled through an online platform to credit unions. The service called “embedded lending” enables loan prospects, with access to up to 13.3 million financial data entries, to receive approval in 90 seconds, Buerger explained.
“Credit unions don’t typically have marketing budgets large enough to give them access to this kind of marketplace,” Buerger said, while referring to why credit unions are unable to do the service themselves.
Buerger and Union Credit co-founder Barry Kirby have 20 years in the credit union industry. Before spending 15 years building CuneXes, a software company now operating as TruStage Digital Storefront, Buerger started his career at Sonoma County-based Redwood Credit Union.
Redwood Credit Union President and CEO Brett Martinez, who serves on Union Credit’s advisory board, said the award is well deserved and commended Buerger for his diligence and creativity.
“He’s already built a successful company and has a proven track record at knowing what credit unions need,” Martinez said.
Investors have given Union Credit a nod of approval as well. The fintech company has received about $5 million in venture capital to get off the ground. Among the seed money suppliers, Marin Sonoma Impact Ventures’ founder and Managing Partner Zachary Kushel has placed Union Credit into its portfolio.
“Union Credit’s platform has changed the game, streamlining the processes of having loans online,” Kushel said.
The startup, managed by 16 employees, has gained partnerships with various digital merchants such as Way.com, Bankrate and AmOne as well as an alliance with TransUnion as a data security provider.
Susan Wood covers law, cannabis, production, tech, energy, transportation, agriculture as well as banking and finance. She can be reached at 530-545-8662 or [email protected]