CULedger, a credit union-owned CUSO that focuses on one-to-one digital exchange for credit unions, secured $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.
Series A funding is not an easy thing to achieve. Many startups have an almost 80 percent failure rate in achieving Series A funding goals. In a press release, CULedger noted that the majority of investors are credit unions, highlighting the market need.
Julie Esser, chief experience officer of CULedger said, “By leveraging distributed ledger technology, credit unions are leading the industry into the next generation of security and trust in financial services.”
CULedger received Series A funding last year from 32 investors. Below is a list of some 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
In working through a national consortium made up of credit unions and industry investors, CULedger has pioneered new developments related to global self-sovereign digital identity that seeks to 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.