PLANO, Texas–Illuma Labs is reporting it has received $2.5 million from Curql Fund I to continue innovation in voice authentication for credit union call centers.
Curql Fund was created and launched to the industry by Members Development Co. as a venture capital fund designed to serve as a gateway for fintech access to credit unions, according to the company.
The company said the investment will enable new fraud fighting features as well as additional platform integrations for rapid, low-cost availability to a broader range of credit unions.
Illuma Labs, which was voted Best in Show at the 2019 VentureTech event, said credit unions have found its “Illuma Shield” voice authentication product “very applicable, timely, and necessary to advance the credit union industry.”
“Our investments focus on collaboration between FinTech companies and credit unions to improve how members experience their credit unions. We immediately recognized the benefits in Illuma Labs’ voice authentication solution to eliminate time-consuming security questions while safeguarding accounts from fraud,” said Nick Evens, CEO & president of Curql Collective.
When members call in to a call center using Illuma Shield, they are offered the opportunity to have a unique AudioPrint of their voice created during the natural flow of the conversation and securely stored for future authentication, the company said, adding that on future calls the member’s identity is automatically verified within seconds when their voice is matched to the AudioPrint on file.