DENVER–CULedger, the CUSO that is working to deliver a blockchain-based network of one-to-one digital exchange for credit unions, announced that it has achieved its goal of $10 million in Series A funding.
CULedger is focused on using distributed ledger technology to develop a platform that enables credit unions to “enable self-sovereign identity for members through its flagship product, MyCUID.”
As CUToday.info reported here, CULedger recently provided an update on where it stands in developing what it describes as a “lifetime portable digital identity” that members will be able to use and which is expected to sharply reduce online fraud.
A CUToday.info also reported earlier, the goal for Series A funding was set in October 2017.
“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, in a statement. “By leveraging distributed ledger technology, credit unions are leading the industry into the next generation of security and trust in financial services.”
Later this year, CULedger said it plans to launch its first-ever pilot program.
The Investors
In 2018, CULedger announced 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
CULedger said it has investments from approximately 40 organizations. The initiative was launched in 2016 by the MountainWest Credit Union Association and has since expanded to include CUNA, in addition to the other investors.