DES MOINES, Iowa– Curql, the credit union-backed venture capital collective that invests in fintech, is reporting it has added ModernFi to its investment portfolio.
“This investment marks a significant milestone in establishing the first deposit network for credit unions and as the first investment for Curql Fund II, further solidifying Curql's mission to bring relevant and competitive solutions to the credit union industry,” the organization said in a statement.
Expanded Insurance Options
According to Curql, through ModernFi's deposit network, credit unions can grow, retain, and manage their deposit base by providing extended NCUA insurance to attract and retain large-value members across businesses, higher-net-worth individuals, nonprofits, and public funds. Credit unions can also utilize the network to manage their balance sheets by sourcing funding on demand or sweeping excess liquidity. ModernFi’s solutions help credit unions strengthen their deposits, membership, relationships, stability, and, ultimately, their mission.”
Added Rodney Hood, former chairman of the NCUA, who serves as a board observer and advisor to the company, “ModernFi stands as the foremost company in the market with regard to liquidity.”
Nick Evens, president and CEO of Curql said the solution levels the playing field for credit unions.
‘Greatly Expanding Audience’
“This solution has long been utilized by banks. Not only is ModernFi building the first full-service deposit network for the entire credit union industry, they’re also greatly expanding the audience of prospective business and consumer members that credit unions can serve,” said Evens in a statement. “It’s empowering them to compete more effectively against larger financial institutions, which is exactly why credit unions are prioritizing deposit growth and why Curql chose to invest.”
Curql said the window to join Curql Collective is still open for credit unions interested in jointly investing in fintech.