CULedger gets $8.5m to support blockchain for credit unions
CULedger, a credit union service organisation (CUSO) that delivers a cross-border global distributed ledger platform, has secured $8.5 million in a Series A funding round.
The firm set the goal of $10 million in Series A funding in October 2017 and has secured 32 investors, with more pending.
CULedger plans to launch its pilot programme later this year.
“Having received such a positive response from the credit union community in our efforts to deliver the first universal digital credential through self-sovereign identification, we realise the need for digital identity is widespread,” says John Ainsworth, president and CEO of CULedger.
The majority of investors are credit unions (CUs), which attests to the practical industry application of its product MyCUID. The investors list includes FIS and a long list of CUs throughout the country.
The organisation involved over 30 CUs and organisations in the original development of a proof of concept. The firm uses blockchain to detect and prevent call centre fraud and enable self-sovereign identity for members through MyCUID.
A group of the investors also includes CULedger – Mississippi, LLC, a CUSO created by the Mississippi Credit Union Association, which enables credit unions to invest in CULedger through smaller contributions to form a collective investment.
