Greenboard, a compliance and operations software company for financial services, has announced the completion of its seed funding round, raising $4.5m.
The round was led by Base 10 Partners, with participation from notable investors including Y Combinator, General Catalyst, Wayfinder Ventures, Liquid2 Ventures, Twenty Two Ventures, Rogue Capital, Transpose Platform, and others.
Founded in June 2023 by Dave Feldman and Ed Schembor, Greenboard aims to revolutionize compliance software in financial firms. The company’s platform, driven by artificial intelligence, streamlines compliance processes and aims to eventually handle all back-office operations efficiently.
Dave Feldman, Co-founder and CEO of Greenboard, expressed the company’s mission, stating, “We founded Greenboard after witnessing how cumbersome and outdated compliance software is at most financial firms. This fundraise, along with our partnership with Base10, will help us enable financial institutions to operate their back office teams at a higher standard, with half of the headcount. We’re starting with compliance, where we see incredible need from an underserved set of users.”
Greenboard’s core product offering includes an AI-native compliance operating system that facilitates various use cases such as Know Your Employee (KYE) and Communications Archiving. With its easy-to-use interface and tangible administrative benefits, Greenboard has already garnered praise from industry professionals.
Brook Powers, CEO of Fiduciary Financial Advisors, a Greenboard customer, commended the platform, stating, “The administrative benefits of the system are tangible, in that it helps us detect risk and automate more of our compliance program than previously possible. The software is also easy to use, which matters a lot in a world where we compete to attract the best financial advisors to our firm.”
Furthermore, Greenboard’s innovative approach utilises GPU-powered computational statistics to automate tedious back-office financial work. Dave Feldman highlighted the shift from traditional filing systems to modern computational methods, stating, “Not long ago when filing cabinets were the norm, financial recordkeeping required substantial resources. It turns out that computers are cheaper and better than humans at storing files by such a wide margin that there are no longer roles for file clerks in the economy.”
Rexhi Dollaku, Partner at Base10 Partners, expressed confidence in Greenboard’s potential, stating, “We believe in supporting visionary founders like Dave and Ed, who are revolutionizing how financial institutions manage their back-office processes. With this investment, we are confident that Greenboard will continue to lead the way in delivering AI-powered solutions that drive efficiency and effectiveness in the financial services industry.”
Greenboard’s latest funding round marks another significant milestone in its journey to transform financial compliance and operations. With the support of leading investors, the company is poised to further innovate and reshape the landscape of compliance software in the financial sector.
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