Trunomi, a provider of customer consent and data rights management technology, has closed a $3.5m round of financing.
CloudScale Capital Partners participated in the new round, which brings the RegTech company’s fundraising total to $10.5m. In September 2016, Trunomi raised $4m from Fenway Summer Ventures, WorldQuant Ventures, Saturn Partners, Fintonia Group, Allectus Capital, and Illion. Based in Bermuda and London, Trunomi said it will use the new capital to help manage the rapid increase in demand for its technologies and to continue its global expansion.
“Customer data rights and privacy are quickly becoming major issues of concern for companies, especially financial institutions, due to new regulations such as EU GDPR, U.K. Open Banking and marketing opportunities,” said Kim Perdikou, CloudScale partner. “Trunomi enables businesses to comply with these new regulations by demonstrating compliance and accountability in customer data use and immutably proving the legal basis of processing. With Trunomi, businesses can empower their customers with control and transparency in how their data is used and turn regulation from a burden into a competitive advantage.
The General Data Protection Regulation, which is being implemented in May, intends to strengthen and unify data protection for all individuals within the European Union (EU). It will directly affect every UK and European company and those businesses with EU citizens and carries heavy fines (up to 4% of a company’s global revenue).
The regulation means that banks and other data controllers will have to fundamentally rethink the ways in which they collect and handle customer data. Trunomi’s consent management platform enables a business to request, receive and capture customer consent to the use of their personal data.
Using the platform, financial service providers can solve key aspects of the incoming regulation and avoid heavy fines and sanctions as well as provide enhanced and personalized services for their customer, thereby increasing customer satisfaction and retention according to its website.
Last year, Trunomi was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
