Fintech
Autonomy and unlimited holidays make Union Credit the best fintech to work for
Barry Kirby (left) and Dave Buerger are co-founders of Union Credit, which this year tops the annual list of best places to work in fintech. The pair previously worked together at CuneXus, a consumer lending software company.
Leading Union Credit isn’t Dave Buerger’s first rodeo.
He previously ran consumer lending software company CuneXus for 12 years before the company was purchased by CUNA Mutual Group.
Now he’s getting the band back together, so to speak, and has hired nine former colleagues from his days at CuneXus to help run Union Credit, which hosts a marketplace that allows credit unions to offer point-of-sale loans. These hires include Credit Union co-founder Barry Kirby, who previously served as senior vice president of sales and business development at CuneXus. Union Credit’s chief financial officer and operations officer, two vice presidents of product, general counsel and chief client relations officer have all previously worked with Buerger.
“We had built a strong culture in [CuneXus]” said Buerger, who noted that only one employee out of more than two dozen has left the company since it was founded in 2022. Returning employees “are ambassadors for the new people coming in. We only hire people who are enthusiastic about our mission.”
Having this familiarity with your peers can be a significant advantage, said Sam Kilmer, a managing director who leads the fintech advisory practice at consultancy Cornerstone Advisors. This not only helps attract potential customers, but also means that staff members know how to work together in difficult times.
“I’ve found that if you’ve worked with someone before, you’ve experienced moments of truth and you’ve been able to stress test them,” Kilmer added.
But what brought these staff members back to Buerger and his new venture? Kilmer attributed this, in part, to Union Credit’s goal of helping credit unions make loans as something that is “easy to engage the brain and heart.”
Buerger attributed the welcoming environment at Union Credit to a number of factors that helped push the company to the top of American Banker’s 2024 list of Best Places to Work in Fintech.
For one thing, Buerger stresses that he doesn’t micromanage his employees.
“I’ve always felt like a leader. It’s not my job to loom over everyone and tell them what to do,” he added. “What makes a strong team and a successful company is a leader with the ability to source talent who he knows is better than them in certain areas.”
To achieve this successfully, Buerger will ask himself which hats he currently wears and which ones he feels uncomfortable with and willing to pass on to a more qualified person.
“So I’m looking for an expert,” he added. “I don’t tell them what to do… I find someone who is willing to take over that aspect of the business and then I give them the resources.”
Another key aspect of Union Credit’s culture includes unlimited free time. However, studies have found that employees often take fewer days off when this benefit is offered. Union Credit tries to counteract this inclination by talking “constantly,” Buerger said, about the importance of unplugging from work. It will also “reprimand”, although not punitively, anyone who works when they should be free.
“We force the idea of work-life balance,” he added, noting that with a remote workforce it can be difficult for employees to actually stop responding to an email here and there. “It’s really hard to find that real disconnect between home life and work life. They blend together.”
Finally, Buerger highlighted Union Credit’s commitment to ensuring that employees develop their people skills. Fintech is currently too small to have a formalized development program yet. But the company encourages staff members to take time off to be part of local groups and business communities and mentor colleagues internally. It often offers lunches and learns where a small group gathers to learn about a specific topic of interest from someone who is an expert in that field. Union Credit also has several employees who mentor other startups.
“We’ve been through the wringer and have lessons we can help others with,” Buerger said.
In terms of advice for other CEOs, Buerger stressed the importance of being open to feedback.
“Don’t let reports come in where everyone feels obligated to tell you what’s going well,” he said. “You need to make sure people feel comfortable communicating these challenges to you and make sure they understand they won’t get in trouble for it.
“This is a cliché, but failure is acceptable,” he added. “Not acknowledging failure is unacceptable.”