Blockchain Initiative CULedger Reaches Series A Funding Goal Of $10M

Blockchain, Investing, News | January 30, 2019 By:

Credit union industry blockchain initiative CULedger has achieved its goal of $10 million in Series A funding.

Based in Denver, CULedger is a Credit Union Service Organization (CUSO), comprised of more than 30 credit unions and other industry organizations, that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform. It 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.

The goal for Series A funding was set in October 2017. It raised $8.5 million in August of last year and has now hit the $10 million target. According to the company, the round included 40 investors, noting that it has been well received in the credit union, financial and blockchain communities.

“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 will use the funding to launch its flagship product MyCUID, a new consumer-focused global digital identity solution developed in partnership with Evernym. MyCUID allows credit union members to confidently protect themselves from financial fraud and identity theft, while enriching the trusted relationships members have with their credit unions. The company said it will be launching its first pilot program later this year.