Strengthening Identity Management and Security for Credit Unions
Cumberland, MD., December 12, 2023 -- Provision IAM, a technology leader in Identity Security for financial institutions, announced a funding round led by Curql, a Credit Union Service Organization driving fintech innovation for credit unions, to efficiently strengthen security of credit unions by automating access management and governance.
The average financial institution spends over 2,700 hours each year managing employee access and performing audits. Despite this investment, most technology leaders feel that identity security is a key vulnerability to compliance and cyber events. Curql has invested in Provision IAM and brought them into its ecosystem to address this vulnerability head on. Provision IAM helps credit unions automate the access and audit process, reducing time spent on identity management, while materially improving security by automatically enforcing access policies.
Curql’s robust ecosystem includes 113 credit union industry partners today and represents institutions of varying sizes. On behalf of these progressive partners, Curql evaluates and invests in innovative fintech that drive the digital transformation of credit unions. Provision IAM strengthens Curql’s portfolio by delivering an essential back-office solution—identity access management.
“The investment by Curql is a testament to the strategic value of Provision IAM’s unique solution to make credit unions more efficient and secure,” said Jonathan Hutcherson, CEO of Provision IAM. “Curql was in the unique position to understand and appreciate the identity access needs of the organizations that Provision serves. This partnership will propel Provision IAM forward, and more importantly, strengthen credit unions nationwide.”
“We are thrilled to bring Curql on as an investor as Provision IAM continues to grow,” said Andrew Rowe, Chief Growth Officer. “This latest round of funding will allow us to pursue new opportunities, as we seek to be the premier identity access management solution for community financial institutions.”
“We are proud to invest in Provision IAM, as we believe this is the right technology that will help credit unions operationally, plus materially strengthen their security perimeter by automating access governance,” said Nick Evens, President and CEO of Curql Collective. “We look forward to supporting Provision IAM’s next growth phase, as more forward-thinking credit unions embrace automating their Identity and Access Management system.”
About Provision IAM: Financial Institutions, especially credit unions, manage hundreds of systems with varying user access permissions that require timely, accurate updates. Access permissions evolve constantly. Internal and external audits are conducted frequently to ensure compliance. As a CUSO, Provision Identity Access Management platform automates common tasks to improve productivity, heighten security, and reduce audit preparation efforts.
About Curql Collective: A collaborative approach that brings together investment capital, credit unions, and fintech. Launched in 2020, Curql is steered by a collective of forward-thinking credit unions, including former founders, operators, and leaders in the fintech and investment 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.
