NEWS PROVIDED BYGreenboard
May 08, 2024, 12:05 ET
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.
“We founded Greenboard after witnessing how cumbersome and outdated compliance software is at most financial firms,” said Dave Feldman, Co-founder and CEO of Greenboard.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.”
Greenboard raises $4.5m seed round to build unified securities compliance softwarePost this
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
SOURCE Greenboard