DLT-focused CULedger achieves $10M Series A funding target

CULedger, a credit union service organization (CUSO) focused on distributed ledger technology (DLT), has successfully achieved its target of $10 million Series A funding.

Announced by Credit Union National Association (CUNA) in 2016, CULedger aims to deliver innovative applications to credit unions through its cross-border global distributed ledger platform. In February 2018, it partnered with Evernym to launch a new consumer-focused digital identity solution, called MyCUID, which would enable credit union members to protect themselves from financial fraud and identity theft.

CULedger, a member of the R3 blockchain consortium and Hyperledger, set the Series A funding target in October 2017. It raised $8.5 million in August 2018 and has now hit the $10 million target.

According to the official release, the majority of investors who participated in the round were credit unions, which highlighted “the market need, interest and support for MyCUID,” CULedger said.

“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. “By leveraging distributed ledger technology, credit unions are leading the industry into the next generation of security and trust in financial services.”

CULedger is going to demo MyCUID at CUNA GAC, March 10-14, where it will share live use cases of the solution. Later this year, it plans to launch its first-ever pilot program.