DENVER — A startup that provides distributed-ledger technology for credit unions has raised $8.5 million.
The Denver Business Journal reports that CULedger, based in Denver, has raised the funds out of a Series A funding-round target of $10 million.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
CULedger includes as an investor Credit Union Strategic Partners, a for-profit subsidiary of Mountain West Credit Union Association. CULedger spun out of Credit Union National Association in June 2017.
The company’s technology is similar to blockchain and is aimed at stopping fraudulent transactions.