NEW YORK, May 8, 2024 /PRNewswire/ -- Greenboard, a new
compliance and operations software company for financial services,
announced today that the company has completed a $4.5 million Series Seed funding round led by
Base 10 Partners, with participation from Y Combinator, General
Catalyst, Wayfinder Ventures, Liquid2 Ventures, Twenty Two
Ventures, Rogue Capital, Transpose Platform, and others. The
funding will accelerate the company's progress towards building a
singular, AI-powered platform to handle management of the entirety
of financial firms' compliance programs, and eventually all back
office processes.
Greenboard raises $4.5m seed round to build unified securities
compliance software
"We founded Greenboard after witnessing how cumbersome and
outdated compliance software is at most financial firms," said
Dave Feldman, Co-founder and CEO of
Greenboard. "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."
Founded in June 2023 by
Dave Feldman and Ed Schembor (CTO), Greenboard already allows
financial institutions to replace outdated software with an
AI-native compliance operating system for use cases such as Know
Your Employee (KYE) and Communications Archiving. The pair met as
freshman at Johns Hopkins, and have
since gone on to lead teams at Amazon, Hive AI, and Guideline.
"The Greenboard team has been great to work with. 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," said Brook
Powers, CEO, Fiduciary Financial Advisors, a Greenboard
customer.
Greenboard's core product thesis is that GPU-powered
computational statistics will eliminate much of the tedium in back
office financial work. "It wasn't always the case that financial
firms could count on cheap hard drives and cloud computing to keep
records," said Dave Feldman. "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."
Similarly, Greenboard's goal is to expand upon the past advances
in financial recordkeeping via automating the preliminary analysis
of information required to drive back office and compliance
processes.
"Greenboard's innovative approach to financial compliance and
operations aligns perfectly with our investment philosophy at
Base10," said Rexhi Dollaku, Partner at Base10 Partners. "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."
To get in touch with the Greenboard team, reach out at
founders@greenboard.com.
About Greenboard
Greenboard, Inc. was founded in 2023 to build an all-in-one
operating system for financial back-offices. Greenboard's founding
team consists of Dave Feldman (CEO)
and Ed Schembor (CTO) who have a 10+
year relationship. The team participated in the Y Combinator Winter
2024 accelerator program, and now help protect billions in client
assets. Visit www.greenboard.com for more information.
About Base10 Partners
Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a
San Francisco-based venture
capital fund investing in founders who believe purpose is key to
profits and companies that are automating sectors of the Real
Economy, including transportation, retail, logistics, and
construction. Through its program, The Advancement Initiative,
Base10 aims to donate 50% of profits to underfunded colleges and
universities to support financial aid and other key initiatives.
Portfolio companies include Notion, Figma, Nubank, Stripe, Motive,
Chili Piper, and Popmenu. Connect via base10.vc.
Media Contact: David
Feldman, dave@greenboard.com
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SOURCE Greenboard