Passing the CuneXus Torch

Today is a big day for me. When it comes to career-defining moments, September 30, 2022 will definitely rank in my top five! At the close of business this afternoon, I stepped down from my role as President of CuneXus , and confidently passed the torch to my dear friend and colleague, Tony Salamone . And while I’ve been preparing for this day for over nine months, it’s surreal to think I’d willingly move on from a company I built from the ground-up. A company that continues to grow exponentially and thrive in every aspect. You've probably heard the skydiving phrase, "why jump out of a perfectly good airplane?" It’s stuck on repeat in my head today, like a nagging commercial jingle from the 80’s. I don’t have a good answer. But there seems to be a pattern forming as I reflect on my career thus far...

Almost exactly fifteen years ago, back in the fall of 2007, I resigned from my role at Redwood Credit Union, where I’d spent the previous six years ascending the ranks of the marketing department. Redwood was/is an exceptional organization (I’m still a loyal member), where I had a promising career ahead of me. I was also thirty years old, newly married, with infant twin boys at home. Why on earth would I leave the comfort and security of such a terrific job? Fear. You see, my future co-founders, Darin Chong and John Reich , and I had this idea for a product, which would later become the CuneXus platform. I became consumed by the idea of starting a software company and bringing this product to market, disregarding the fact that I knew absolutely nothing about running a business, building technology, or selling lending automation software to a massive, highly regulated market. In retrospect, I suppose I owe a great deal of my good fortune to my na?veté at the time. The truth is, I KNEW, with every fiber of my being, that the product would work. I had zero doubt that application-free lending was the future. I recognized that if I didn’t jump at the opportunity to take this concept to market myself, that someday, somebody else would. I couldn’t bear the thought of watching that happen, knowing that it could have been me. So, it was the fear of future regret that drove me to leave my job at RCU and try my hand at entrepreneurship.

Fear of failure never really entered my head as I got started laying the foundation for CuneXus. It should have – because I failed dismally in my first attempt to launch. The financial crisis of 2008 devastated my path forward and my bank account. With no job market, I found myself unemployed and at the brink of bankruptcy. You’d think that I’d have learned my lesson...

I managed to find a great job working in the wine business, overseeing the marketing programs of a large Sonoma County winery. I loved the job. The lifestyle, the scenery, the delicious perks! But CuneXus was always on my mind. As the financial markets stabilized, I became convinced that my previous failure had everything to do with timing. So, in 2012, I managed to raise enough money from friends and family to outsource the development of the CuneXus software. I worked days at the winery, and spent late nights working on CuneXus after my kids were in bed. A year later, the product was complete, and I somehow convinced a large CA credit union to purchase a license. I realized that I needed to make a choice – I couldn’t work full time at the winery and give CuneXus the focus it needed to grow. The next day, I once again jumped from a perfectly good airplane, resigning from my position at the winery to pour all my energy into launching CuneXus. Fast forward nearly a decade, and here I am – up in another perfectly good airplane, higher than I could have ever imagined possible, door open and prepared to jump...

CuneXus is a wonderful success story, and it’s been a hell of a ride, but I have a new itch that needs to be scratched. That same feeling that I had fifteen years ago is back. An idea and opportunity that I need to explore. And the same fear that pushed me from my comfort zone in 2007 has inspired me to move on from CuneXus and start a new adventure. It’s hard to jump. I have so many reasons to stay. I’ve been blessed with an exceptional team – my second family, for whom I have so much love, respect, and gratitude. Together, we’ve achieved so much, and I’m incredibly proud.

Once we (finally) launched, the concept of “Perpetual Approval” immediately resonated and CuneXus scaled quickly through dozens of amazing strategic partnerships and integrations, including all three credit bureaus, all major loan origination service providers, and virtually every digital banking platform. In 2020, CuneXus was acquired by CUNA Mutual Group , which further amplified our signal and provided resources to scale more rapidly. Today, CuneXus serves over 200 financial institutions representing nearly $700 billion in combined assets and more than 35 million U.S. consumers. Over $70 million in consumer loan originations flow through our platform each day, and our clientele are on track to originate more than $26 billion via the CuneXus platform in 2022 alone. I always knew it would work, but these figures blow my mind. Over the years, we’ve been honored with numerous industry awards from organizations such as LendIt, Fintech Breakthrough, Tekkie, and most recently the 2022 NAFCU awards. I’m humbled, grateful, and well-aware that these achievements are the result of the primary thing I did right as a leader: early on I recognized and accepted that I don’t have all the answers, and that every opportunity to hire, was an opportunity to seek out a true expert, give them the resources they need to be successful, and then get out of their way. A properly incentivized team of professionals, empowered and entrusted to rise to their potential can move mountains. I take that lesson with me as I venture on to my next project, and because of it, I am confident that CuneXus is in great hands. The team in place at CuneXus will continue to thrive under Tony’s leadership. He’s the natural choice to take the helm. Tony embodies our people-first culture, cares deeply about our clients’ experience and is genuinely passionate about our mission and vision, having been an integral part of CuneXus’ growth and success. As its new President, I know Tony will continue to grow and refine the CuneXus organization, while preserving the culture that has made it such an exceptional place to work.

I’m so excited about my next venture and eager to get underway – details to come soon – but this weekend, I’ll take time to reflect on all that’s transpired over the past fifteen years, celebrating my CuneXus family, and toasting to so many remarkable people who played a part in nurturing a novel idea into something truly astounding. I am forever thankful.

And to my wife, Lisa – my silent partner, unofficial co-founder, and steadfast support structure – no words can express the depth of my gratitude. Your patience and belief are beyond measure. Seriously!