Curql Invests in Illuma Labs to Enhance Credit Union Member Experience with Voice Authentication
Additional funding brings cutting-edge voice verification and fraud prevention in reach for more credit unions.
Plano, TX, 6-22-2021: Illuma Labs is excited to announce receipt of a $2.5M investment from Curql Fund I to continue innovation in voice authentication for credit union call centers. This investment will enable new fraud fighting features as well as additional platform integrations for rapid, low-cost availability to a broader range of credit unions. Spotlight at VentureTech Led to Investment Conversation Illuma Labs earned the attention of the credit union industry after a group of over fifty credit union executives voted the company Best in Show at the 2019 VentureTech event. As a result, four top credit unions came on board as partners. As part of Curql’s own extensive due diligence prior to funding, Illuma Labs presented to some of the largest and most innovative credit unions across the U.S. The consensus found the Illuma Shield voice authentication product very applicable, timely, and necessary to advance the credit union industry. “Our investments focus on collaboration between FinTech companies and credit unions to improve how members experience their credit unions. We immediately recognized the benefits in Illuma Labs’ voice authentication solution to eliminate time-consuming security questions while safeguarding accounts from fraud.” said Nick Evens, CEO & President of Curql Collective. Credit Unions Achieve Immediate Gains Across Three Areas Milind Borkar, Founder and CEO of Illuma Labs, spoke to what makes Illuma Shield a smart, right-sized solution for credit unions. “This technology uses state of the art Artificial Intelligence, Machine Learning, and voice biometrics to address three of the top concerns for credit unions: improving member experience by emulating the warm welcome of a brick-and-mortar visit, creating operational efficiency by shortening call times, and increasing security to prevent account takeovers. The infusion of investment from Curql is very timely for expanding this solution to the entire credit union community.” Several credit unions have successfully deployed Illuma Shield in their contact centers and it's value to members and agents is being demonstrated on a daily basis. When members call in, they are offered the opportunity to have a unique AudioPrint™ of their voice created during the natural flow of the conversation and securely stored for future authentication. On future calls, the member’s identity is automatically verified within seconds when their voice is matched to the AudioPrint™ on file. Deployment of the system takes weeks rather than months, making it easy for credit unions to capture immediate ROI on their innovation decision. This means voice authentication is the future for credit unions and their members…starting now. About Illuma Labs Illuma Labs is a credit union service organization headquartered in Plano, Texas. The company’s flagship product, Illuma Shield, replaces traditional knowledge-based authentication practices with an effortless and secure real-time voice authentication solution to enhance member experience, improve operational efficiency, and prevent fraud. Illuma Labs is the exclusive provider for CUNA Strategic Services and has industry endorsements in 34 U.S. states. For more information, visit https://illuma-labs.com. 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, visit https://www.curql.com/.