CULedger Reaches Series A Funding Goal of $10 Million for Its Credit Union-Focused Distributed Ledger Platform
January 29, 2019
– This feat was accomplished mainly by credit union investors –
DENVER–(BUSINESS WIRE)–CULedger,
a credit union-owned CUSO that focuses on delivering the world’s premier
network of one-to-one digital exchange for credit unions, announced
today that it has achieved its goal of $10 million in Series A funding.
CULedger is working to use distributed ledger technology to develop a
platform that enables credit unions to enable self-sovereign identity
for members through its flagship product, MyCUID. The goal for Series A
funding was set in October 2017 and has been well received in the credit
union, financial and blockchain communities.
According to Towards
Data Science, many startups have an almost 80 percent failure rate
in achieving Series A funding goals. Many other startups also have
smaller goals of $3 million, which attests to this major feat for
CULedger. The majority of investors are credit unions, highlighting the
market need, interest and support for MyCUID.
“We are grateful the credit union community recognizes the importance of
self-sovereign identification and the innovative future of the digital
experience,” said Julie Esser, chief experience officer of CULedger. “By
leveraging distributed ledger technology, credit unions are leading the
industry into the next generation of security and trust in financial
services.”
CULedger recently conducted a livestreamed demo MyCUID, which can be
viewed here
or live at CUNA GAC, March 10-14. At this event, CULedger will share
live use cases of MyCUID developed by various credit unions. Later this
year, CULedger plans to launch its first-ever pilot program.
CULedger celebrated
a milestone achievement in its Series A funding last year, announcing
the contributions of 32 investors. Below is a list of the investors that
have contributed since the initial announcement:
- Achieva Credit Union
- CULedger – Heartland
- CU Service Network (CUSN)
- FIS – second unit
- ICUL Services Corp
- Credit Union Services, Inc.
- OneAZ Credit Union
- UNIFY Financial Credit Union – second unit
About CULedger
Denver-based CULedger
is a credit union-owned CUSO that focuses on delivering innovative
applications to credit unions through its cross-border global
distributed ledger platform. In working through a national consortium
made up of credit unions and trusted industry investors, CULedger has
pioneered new developments related to global self-sovereign digital
identity that will further enhance the trust credit unions have with
their members. CULedger provides advantages to credit unions and their
members by reducing risks associated with cybersecurity and fraud,
improving member experience, streamlining internal processes and
reducing administrative and operational costs. To learn more about
CULedger, visit www.culedger.com.
Contacts
Debbie Rayburn
deborah@williammills.com
678-781-7220