Payrailz and Credit Union-backed CUSO, CU Railz, Secure $5.4M Investment from Curql Fund
GLASTONBURY, Conn.--Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced that its CUSO, CU Railz®, has secured a $5.4 million investment from Curql Fund.
Curql is an ecosystem created to expand the dialogue between fintech companies, credit unions, and advisors, with easy access to the only venture fund exclusively comprised of credit unions – Curql Fund. Curql’s mission is to invest in technologies that positively impact how credit unions engage with their members, and how members engage with their money.
CU Railz shares that same mission: to give credit unions a say in the future of the technology that affects them most. CU Railz was founded by Payrailz and member credit unions to enable credit unions to take control of their future by partnering with Payrailz to develop new, innovative technologies and services that will revolutionize the digital payments experience.
“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,” said Nick Evens, President & CEO of Curql Collective. “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.”
With this investment, Curql and its member credit unions will not only be investing in Payrailz’ technology but collaborating on the strategic direction for the company’s payments platform through their role on the CU Railz board of directors. Curql will serve as a true partner for Payrailz as they work hand in hand to shape the future of credit union technology.
“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,” said Fran Duggan, CEO of Payrailz. “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.”
About Curql Collective
Curql Collective is a collaborative approach that brings venture capital, credit unions, and fintech together. Launched in 2020 Curql is steered by a collective of forward-thinking credit unions, including former founders, operators, and leaders in the fintech and VC spaces. The group's flagship – Curql Fund I – invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money. For more information, please visit www.curql.com.
About CU Railz®
CU Railz is a credit union service organization (CUSO) founded to enable credit unions to take control of their future by partnering with Payrailz to collaborate on new, innovative payment technologies and services that will revolutionize the payments experience. The CUSO was specially created to provide credit unions with access to Payrailz' solutions and advantages. For more information, visit payrailz.com/curailz.
Payrailz is a digital payments company offering advanced payment capabilities and experiences including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C and other related solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’ smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’ API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.