Dear Shareholders, Business Associates and Friends of CuneXus,
For CuneXus Solutions, 2014 was a breakthrough year. We launched our flagship product, the Comprehensive Pre-Screened Lending (CPL) platform, cplXpress, in the Spring. The solution gives banks and credit unions the ability to send customers “click-to-accept” pre-approved loans based the customers’ financial data, location, behavior and more. The product has been extremely well received by the industry and, most importantly, by our customers.
You may recall that at the end of 2013 we announced a partnership with Digital Insight, a leader in online and mobile banking solutions. Digital Insight made cplXpress available on its digital banking platform with single sign-on access. That was great validation of our technology and helped pave the way for success throughout the year…
In March, we were voted one of seven winners of the 2014 DEMOvation Challenge presented by Bank Innovation, and chosen by a panel of judges to demonstrate our solution at the conference.
In April, CuneXus was selected to give a product demonstration to nearly 1,500 industry leaders at Finovate in San Jose. Finovate is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology (fintech). Being selected for one of Finovate’s coveted demo spots is an opportunity to present on the fintech world’s biggest stage, alongside financial giants and other cutting edge startups. It was another important validation and cause for additional press coverage. View the demonstration.
We also traveled to New York City to compete as one of just six North and South American semifinalists in the 2014 Innotribe Startup Challenge, a global financial technology competition featuring three regional showcases in Europe, Asia, and the Americas. The Innotribe Startup Challenge is regarded as one of the most prestigious discovery platforms for new innovations in the fintech space. Semifinalists were selected from hundreds of startups based on their potential to deliver significant sustaining or disruptive innovation to the global financial industry.
In its first nine months on the market, the cplXpress platform was responsible for more than $100 million in consumer loans funded, giving consumers accelerated access to pre-approved loans.
In August, we announced that $2.2 billion Educational Employees Credit Union (EECU) had processed more than $24 million in loans in the first 90 days after implementing cplXpress, growing revenue more than three times compared to the previous year. The case study received considerable media attention, including a feature in Credit Union Journal.
In November, CuneXus added to our growing list of online and mobile banking integrations, signing systems integration agreements with two of the industry’s largest financial technology providers, FIS and D+H. These integrations greatly increase the number of credit unions and banks that can implement our technology with “out-of-the-box” online and mobile banking functionality. With over $6 billion in annual revenues, FIS is ranked #1 on American Banker’s “Fintech 100” list. D+H’s solutions power more than 7,000 financial institutions in North America. Several additional partner integrations are slated for 2015 release.
In December, we were named Winning Startup at the Future of Money & Technology Summit in San Francisco. The recognition came from the conference’s “Startup Showcase,” where we competed with many other companies for the award. Later in December, we were extremely pleased to be named one of ten startups to watch in a global industry report, “The 50 Best Fintech Innovators of 2014,” published by KPMG, AWI and the Financial Services Council (FSC). The report gives an in-depth look into companies worldwide that are taking advantage of technology and driving disruption within the financial services industry, including names like Square, LendingClub, Kickstarter and Stripe. Criteria for the award includes capital raised and disruptive potential, as well as product, service, customer experience, and business model innovation. CuneXus had the distinction of being the smallest company to make the list, in terms of staff size and capital raised, but certainly not in terms of potential – and not for long…
As 2015 begins, be prepared for more good news in the days and months ahead. We’ll be moving into new offices in Santa Rosa next month to accommodate our growth, as we scale further. We have a number of exciting partnerships in the works that will propel business.
Recently, CuneXus established a strategic alliance with industry powerhouse, Harland Clarke, which will make cplXpress available to thousands of lending institutions and millions of end users. This new relationship represents a significant leap forward for our company, and will facilitate rapid penetration of our technology into the global financial services markets.
With our partners at PSB Integrated Marketing continuing to grow our direct on-premise business, and Harland Clarke focused on a large-scale full-service offering, 2015 is shaping up to be the year that CuneXus captures significant market share and achieves exponential growth.
It’s an exciting time and I know I speak for the entire CuneXus team in thanking you for your continuing support.
Dave Buerger, President
CuneXus Solutions, Inc.