Next Level Ventures along with credit union partners of Members Development Company (MDC) have announced the launch of a new venture capital fund Curql that will focus on financial services technology companies in the credit union industry.
The Curql Fund will be managed by Next Level Ventures. The firm will help to lead, structure and manage the investments from the Curql Fund in the fintech companies. To date, NLV invested in two credit union service organizations—Dwolla and LenderClose—and has worked with several credit unions over the last nine years.
So more than two dozen credit unions have committed to investing in the Curql fund. The fund is projected to reach $75 million from MDC credit unions alone, according to a press release from earlier this week. As the Curql Fund is open to investments from credit unions outside of MDC, the fund is expected to grow even further. Craig Ibsen, Managing Partner of Next Level Ventures, says the goal is to grow the fund to between $100 million and $150 million by this summer.
“Every day there are fintech startups emerging on the scene with new technologies designed for online banking, lending, payments, savings, financial education, digital engagement, cyber security and more,” said Ibsen in an announcement. “Each offers the potential for members to more easily engage with credit unions and simplify the process for using new services. As this rapid expansion takes place, Curql seeks to bring credit unions into the center of it all, to activate meaningful, experiential change for credit unions and for members through technology.”
Next Level Ventures continues to invest in Iowa’s growth as it opens second fund -Sept. 19, 2018
Next Level Ventures leads $1.3 million investment in LenderClose -April 17, 2018