Archive Intel, a firm specializing in communications archiving and compliance solutions for wealth firms, has achieved a significant milestone.
According to Investment News, the company announced today that it has successfully raised $1 million in seed funding, with Social Leverage leading the investment round.
Social Leverage, an early-stage investment fund focusing on technology companies, spearheaded the funding round. Howard Lindzon, the founder and managing partner of Social Leverage, expressed strong confidence in Archive Intel’s innovative approach.
“Archive Intel’s innovative solution addresses the long-overdue need for a financial communications storage and compliance software that meets both the multi-channel communication needs for advisors and SEC regulations,” Lindzon stated.
The financial services industry has faced considerable challenges due to deficiencies in communication archiving tools, resulting in substantial fines imposed by regulators. Notably, the SEC levied hefty penalties of $50 million each against LPL and Ameriprise. In February, the regulator announced a collective $81 million in civil penalties against 16 other firms, including Northwestern Mutual and Lincoln Financial, for widespread communication failures.
Archive Intel’s platform, launched in mid-April, aims to tackle these compliance challenges by offering seamless, multi-channel communication archiving and analysis for financial services firms. The funding secured will enable the company to enhance its AI capabilities, expand its communication connections, and reinforce resources to support its growth trajectory.
“We are thrilled to have Social Leverage onboard with our mission,” said Larry Shumbres, CEO of Archive Intel. “This funding will enable us to enhance our AI capabilities, broaden our communications connections, and bolster resources to support our growth.”
The platform currently supports archiving and compliance for various platforms, including Outlook, Gmail, Twitter/X, Facebook, Zoom Phone SMS, Microsoft Teams, and RingCentral. Archive Intel is expanding its multi-channel footprint to include iMessage connectivity, empowering financial advisors to utilize this popular messaging tool while meeting regulatory standards.
“A significant portion of the industry’s fines stems from improper archiving of iMessage communications,” noted Shea Werner, Chief Revenue Officer of Archive Intel. “With seamless iMessage integration, advisors can now compliantly utilize one of the most widely used communication methods without necessitating additional apps or phone number changes.”
Archive Intel’s successful funding round marks a significant step forward in addressing compliance challenges within the wealth management sector. With the backing of Social Leverage, the company is poised to further innovate and revolutionize communication archiving solutions for financial services firms.
“Archive Intel’s innovative solution addresses the long-overdue need for a financial communications storage and compliance software that meets both the multi-channel communication needs for advisors and SEC regulations,” said Howard Lindzon, Founder and Managing Partner, Social Leverage.
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