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Curql Fund, a credit union industry-focused venture capital fund, has invested $5.4 million in CU Railz, the CUSO of digital payments company Payrailz.
In announcing the investment last week, Payrailz said Curql and CU Railz share the same mission of helping give credit unions control over the technology that impacts them the most. Officials from Curql and its member credit unions will also play roles on CU Railz' board of directors, allowing them to collaborate on the strategic direction of Payrailz' payments platform, according to the company.
"It has always been a goal of ours to work with like-minded partners and have like-minded investors and clients who recognize the need for collaboration in this industry, both between credit unions and fintechs as well as between credit unions themselves," Fran Duggan, CEO of Payrailz, stated. "We can make so much progress when we are all focused on the same goal – helping credit unions succeed with the best technology available. We are proud to have been selected by Curql and are grateful for their support of our vision. We look forward to working with an organization that shares in our mission and core values."
Payrailz and several member credit unions founded CU Railz to give all credit unions access to Payrailz' solutions, as well as the opportunity to partner with other credit unions in developing new, innovative technologies and solutions. Payrailz offers banks and credit unions a number of payments-related technology solutions, including solutions for consumer and business bill pay, external and internal transfers, new account funding and P2P payments.
"What drew us to CU Railz and Payrailz was the company's technology that utilizes the quickest path for a payment to be sent or received by a member. It is no secret in today's digital world that speed will be a key driver in what technology and financial institution our members choose to use," Nick Evens, president/CEO of Curql Collective, stated. "We believe in Payrailz' vision of reimagining the payments experience and know their smart, data-driven technology will be invaluable for the credit unions we serve. We look forward to working with and investing in a company, and working with a team that cares so deeply about the success of credit unions."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
