DES MOINES, Iowa — Curql, the credit union-backed fintech investment collective, is reporting it has closed its second fund at $360 million, making it the largest fintech fundraise in credit union history and placing it among the top 25 U.S. venture capital raises of 2025, according to Pitchbook.
The new fund, Curql Fund II, is 40% larger than its predecessor and brings Curql’s total assets under management to more than $600 million, the company said.
“Closing amid a challenging investment climate, Curql Fund II’s scale signals just how deeply the credit union movement believes in collective capital and purpose-built fintech,” the company added in a statement.
Curql noted it was launched by a group of more than 160 credit unions to invest in fintech startups that support digital transformation across the credit union industry. According to Curql, collective model gives startups not only capital but also direct access to early adopters and advisors. In return, credit union investors receive early access to new technologies, discounted pricing, and influence over product development.
‘A Victory for the Credit Union Movement’
“This fund and our business model are both a statement and a victory for the credit union movement,” Nick Evens, president and CEO of Curql Collective, said in a statement. “We’ve built something unprecedented, and together we’ll now put this capital to work to help credit unions bring the next generation of fintech to their members.”
More than 30% of the U.S. credit union market already uses one or more Curql-backed fintech platforms. Notable portfolio companies include Zest AI, Eltropy,LoanStreet, Equipifi, ModernFi and Trust & Will, all of which provide digital services such as AI underwriting, loan trading, and estate planning.
Curql reported it now holds stakes in nearly 50 fintech firms, which are helping credit unions enhance digital lending, cybersecurity, member engagement and core banking functions. Executives say the model helps smaller credit unions keep pace with large financial institutions in digital innovation.
‘Natural Allies’
“Fintech and credit unions are natural allies,” Brenda Worrell, CEO of Idaho Central Credit Union, said in a statement. “We both succeed through collaboration, and Curql makes it happen at scale.”
Curql said no additional fund is currently planned in the near future, as the group focuses on deploying the newly raised capital.
