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The Curql Collective has made a $3 million investment in the startup Silvur, a producer of a retirement planning app, the CUSO announced Wednesday.
A total of $5 million in funds were recently raised for Silvur, the remaining $2 million of which were contributed by Idaho Central Credit Union ($8.6 billion, Chubbuck, Idaho) and Reseda Group, a wholly-owned CUSO of the $6.7 billion, East Lansing, Mich.-based MSU Federal Credit Union, according to the announcement.
The Claymont, Del.-based Silvur's platform is designed to help Americans ages 50 and older navigate the key factors of budgeting for retirement, including Social Security, Medicare, early retirement health care and taxes. Users receive access to a "Retirement Score" that predicts how long their savings will last in retirement, as well as "Retirement School," an educational resource. Silvur's app is available to download onto iOS devices and is currently in use by approximately 120,000 people approaching retirement age, the company said.
"Retirement is something many Americans look forward to, but the complexities of managing finances in those years can dampen anyone's excitement," Curql Collective President/CEO Nick Evens stated. "With Silvur, the decisions we face in retirement are brought down to size and communicated in ways that make sense to the average person. Plus, the fact that it's all brought together – that simply hasn't been done before. It's an innovative solution, and we know that credit unions will love sharing this technology with their members. We're excited to be a part of it."
Silvur Founder and CEO Rhian Horgan added, "We're thrilled to partner with Curql and its credit union members in this major step forward to modernize retirement. Silvur is a first-of-its-kind, turnkey solution that helps credit union members select the financial (and health) products and services to secure their retirement by providing localized retirement education, premium financial tools and personalized calls to action. Silvur educates credit union members as they embark on retirement, and helps credit unions grow their share of the member's retirement wallet."
The announcement followed the news of Curql leading a $10 million investment in Facteus, Inc., a company that provides data for consumer spending analysis, in March.
The Curql Collective and its venture capital fund, Curql Fund I, which is designed to invest in technologies that enhance how credit unions engage with their members and how members engage with their money, launched in 2020 and is managed by credit unions. Curql Fund I closed to investors in October 2021 after raising $252 million, and with its recent investment in Silvur, the CUSO is on track to meet its goal of investing approximately $50 million per year over the next four years from its final fund tally.
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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.
