Iowa Credit Union League's holding company, AMC, and FinMkt Launch “CU DigiLend” as Point of Sale Technology Solution for Credit Unions

POSTED on July 1, 2024 IN AMC

Affiliates Management Company (AMC) and FinMkt have announced a new partnership and the launch of CU DigiLend, a next-generation lending and point-of-sale financing technology for credit unions.

DES MOINES, IOWA — Affiliates Management Company (AMC) and FinMkt have announced a new partnership and the launch of CU DigiLend, a next-generation lending and point-of-sale financing technology for credit unions.

CU DigiLend will enable credit unions nationwide to overcome dependencies on core technologies that can impede modernization. This patented technology will help credit unions compete with the banks and FinTech's doing business in their communities with sophisticated, patented technology to deploy more capital, provide members with lower-rate financing, and enhance merchant services.

As the Iowa Credit Union League’s holding company, AMC has a shared mission to improve the financial lives of consumers. Through its family of companies, AMC delivers products and services to help make credit unions a trusted financial partner for consumers across the country.

“We are proud to partner with FinMkt to bring CU DigiLend to credit unions,” said Matt Oakley, AMC COO. “Traditional lending platforms are limited, but CU DigiLend’s innovative platform will help credit unions serve more members by providing them with fair rates and trusted financial services from a credit union, at the point-of-sale.”

The two key offerings of CU DigiLend are an exclusive “White Label” product for local merchants to access a credit union’s loan products; and a merchant “Waterfall” product that allows credit unions to offer their product options to a network of merchants.

The FinMkt team, based in New York, for over 12 years, has played crucial roles in forming the framework for today’s modern software as a service model, before "fintech" and "embedded finance" were commonly used terms. FinMkt’s award-winning, patented cloud-based technology powers consumer lending and point-of-sale financing for lenders of all sizes, providing cost-effective and speed-to-market innovation.

“It is an honor to collaborate with a longstanding leader in the credit union industry. The solution we have launched with AMC is best-in-class, groundbreaking technology built with credit unions and their communities’ needs in mind. Finally, credit unions have a turn-key solution to level the playing field with big banks and BNPL lenders and can provide much-needed solutions for their local businesses,” said Luan Cox, FinMkt CEO.

Providing fintech agility with a credit union mission, CU DigiLend’s off-the-shelf or completely customized solutions empower credit unions and their communities to:

• Save money and time transitioning from outdated core systems

• Adjust quickly to just-to-market changes and member expectations

• Leverage opportunities to expand community reach with competitive technology and lower fee financing

CU DigiLend is proud to launch with two Iowa credit unions, Peoples Credit Union and Greater Iowa Credit Union. "With CU DigiLend, we are giving our business members the power to transform customer interactions into successful sales," says Scott Zahnle, CEO at Greater Iowa Credit Union. "This tool is designed to level the playing field, enabling businesses to offer competitive financing options that attract more customers and drive sales. It's a significant step forward in how we support small businesses and empower them to differentiate themselves in the market."

Jordan Hensley, CEO and President at People's Credit Union, remarks, "CU DigiLend represents a groundbreaking advancement in how we serve our business members. By providing access to innovative financing solutions, we are equipping small businesses with the tools they need to thrive in a competitive landscape. This partnership underscores our commitment to fostering growth and success for our community businesses."

Full details about the CUDigiLend technology and benefits for credit unions can be found at www.cudigilend.com.