Curql Invests in Data Company

A CUSO led a $10 million funding round for a company that provides data for consumer spending analysis.

The Curql Fund led the round to support growth of Facteus, Inc., a company based near Portland, Ore., that collects data from diverse sources, including outdated systems, and does the complex job of putting it back together into a database designed to be easy to use, provide relevant insights and preserve the anonymity of individuals.

It provides “Alternative Data,” that is, an alternative to data that is publicly accessible from sources like the SEC or NCUA. Buyers of the data use it to perform more robust analysis, often to value investments. One of Facteus’ largest datasets is for consumer spending transactions.

Facteus will use the $10 million infusion to support the growth of Facteus’ Quantamatics data analysis platform, continued product innovation and expansion into new industry verticals, such as credit unions. “In addition to the funding, Curql gives Facteus unique access to unlock the vast data assets of its Curql Collective owners, contributing tens of millions of new consumer debit and credit cards to Facteus’ growing panel,” a Facteus news release said.

Chris Marsh, Facteus co-founder and CEO, said Curql, the investment arm for over 75 credit unions, shares its vision and it has a deep knowledge of the credit union industry “to help us acquire more data.”

“While the amount of data generated every year grows exponentially, not all data is equal in its insightfulness and value. Facteus believes there is enormous value in understanding how people and businesses spend money,” Marsh said.

Nick Evens, president/CEO of Curql Collective, said the credit union investors wanted to support Facteus’ next growth phase.

“We strongly believe in their vision to democratize Alternative Data insights through their data-plus-technology combination,” Evens said. “We see substantial opportunities for Facteus to integrate new consumer transaction data from our Curql Collective owners and continue expanding into adjacent markets.”

Dave Tucker, partner at Curql Fund, will also be joining Facteus’ board of directors. Tucker has more than 30 years of experience in technology from Fortune 500 enterprises to startups that later completed initial public offerings.

“As the alternative data industry continues to grow, the battle for data assets rages on with providers. I cannot think of a better fintech and technologist thinker than Dave to collaborate with in bringing more data and innovation to Facteus,” March said.

Tucker said he was honored to join Facteus’ board, and “to be part of a cutting-edge company that’s constantly innovating and enhancing how the world uses data.”

“I’ve long shared Facteus’ belief that technology has the potential to grow and expand markets,” Tucker said.

Curql is pronounced like “circle” and based in Cedar Falls, Iowa. The Curql Collective and the Curql Fund I venture capital fund were formed in 2020 and are managed by credit unions. The $252 million fund is designed to invest in technologies that enhance how credit unions engage with their members and how members engage with their money.

By Feb. 8, the Curql Fund had invested $40 million to gain minority stakes in the 10 entities.

Curql also participated in a $15 million investment round announced Feb. 15 in PatientFi, an Irvine, Calif., company that provides patient payment solutions for out-of-pocket health care expenses.