CuLedger, a credit union service organisation (CUSO), has raised $8.5m in a Series A funding round, which is set to continue through to 18 November 2018.
Involving more than 30 credit unions and other industry stakeholders, CULedger delivers variety of applications utilising its cross-border global distributed ledger platform.
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The blockchain consortium was created in 2016 and became a distinct entity in June last year.
It has also delivered MyCUID product to support the credit unions to identify and tackle call centre fraud as well as provide a self-sovereign identity for members.
With the aim to raise $10m in Series A funding, CuLedger has secured up to 32 investors till date mostly comprising credit unions.
Commenting on the funding round, CULedger president and CEO John Ainsworth said: “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.
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By GlobalData“With the support from our investors, CULedger is positioned to develop distributed ledger solutions for the digital identity crisis, keeping credit unions the most trusted financial institutions.”
The CUSO works through a national consortium of 13 credit unions along with other investors.
