The fund is the largest fintech investment vehicle yet raised by credit unions and pushes Curql's overall assets under management past $600m.
Curql, the venture capital collective made up of more than 160 US credit unions, has closed its second fund at $360m.
Curql invests in financial technology startups on behalf of its credit unions, targeting products that can be used by its members and negotiating discounts for them. The final close of Curql Fund II, which it claims is the largest credit union fintech fund recorded, follows a $252m first fund in 2021.
“This fund and our business model are both a statement and a victory for the credit union movement,” said Curql president and CEO Nick Evens. “Together, we’ve built something unprecedented, and together we’ll now put this capital to work to help credit unions large and small bring the next generation of fintech to their members.
“This is the next chapter of credit unions leading digital transformation rather than chasing it, the next phase of battling unregulated fintech and monstrous investment by those continuing to try and disintermediate credit unions.”
Curql has so far built a portfolio of more than 40 companies including AI lending technology developer Zest AI, automotive refinancing platform Caribou, fintech-focused cybersecurity software producer DefenseStorm, and Posh, which provides AI tools for banks and credit unions.
In addition to early-stage investing, the collective also runs an accelerator, Curql Accelerate, which supplies $100,000 in funding to participants as well as mentorship programming and introductions to other investors.
