GLASTONBURY, Conn.–Payrailz, which offers digital payments solutions to credit unions and banks, said its CUSO, CU Railz, has secured a $5.4 million investment from Curql Fund.
Created and launched to the industry by Members Development Co., Des Moines, Iowa, Curql Fund is a venture capital fund that serves as a gateway for fintech access to credit unions, according to the company. Earlier this year it announced it had successfully met its initial fundraising goal of $70 million.
In announcing the investment, CU Railz said it shares the same mission as Curql Fund, to give credit unions a say in the future of the technology that affects them most.
“CU Railz was founded by Payrailz and member credit unions to enable credit unions to take control of their future by partnering with Payrailz to develop new, innovative technologies and services that will revolutionize the digital payments experience,” the company said.
“What drew us to CU Railz and Payrailz was the company’s technology that utilizes the quickest path for a payment to be sent or received by a member. It is no secret in today’s digital world that speed will be a key driver in what technology and financial institution our members choose to use,” said Nick Evens, president & CEO of Curql Collective. “We believe in Payrailz’ vision of reimagining the payments experience and know their smart, data-driven technology will be invaluable for the credit unions we serve. We look forward to working with and investing in a company and working with a team that cares so deeply about the success of credit unions.”
Will Have Role on Board
According to the company, with the investment Curql and its member credit unions will not only be investing in Payrailz’ technology but collaborating on the strategic direction for the company’s payments platform through their role on the CU Railz board of directors.
“It has always been a goal of ours to work with like-minded partners and have like-minded investors and clients who recognize the need for collaboration in this industry, both between credit unions and fintechs as well as between credit unions themselves,” said Fran Duggan, CEO of Payrailz. “We can make so much progress when we are all focused on the same goal – helping credit unions succeed with the best technology available.”