Trunomi Closes $3M Round to Grow Their KYC Data Collection Technology

Releasing their 2015 report of IT trends in banking, Forrester listed compliance related expenses as the largest single category of IT budgets for major costs. A broad segment, compliance costs have increased in part due to new regulatory requirements. In addition, the introduction of new technology such as trading platforms and mobile banking apps is forcing financial firms to have solutions in place to monitor these systems and ensure that they are compliant as per the legal requirements.

With this growing focus on compliance, it is no surprise that ‘compliance-tech’ is becoming its own major segment within the overall Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term industry. Some examples of compliance products that are coming to market are advancements in collecting customer data to satisfy know your customer (KYC) requirements for opening new accounts, trading surveillance software to monitor both internal and external traders for manipulative trades, and accounting software to expedite the process of filing regulatory reports.

Emerging from the KYC segment is Trunomi. Launched in October 2014, Trunomi provides solutions for financial firms to collect and verify customer data. Their solution integrates with a bank’s mobile app or web-based forms to collect client account opening documents. Information is then sent to 3rd party service providers to automate the verification process for banks.

Gaining assistance to expand their presence and continue building their technology, Trunomi announced today that they have closed $3 million in new funding. In a deal led by Saturn Partners with additional participation by Fenway Summer, Persistent Ventures and SenaHill Partners, Trunomi plans on using the funds to “continue to invest in the progression of its technology”. As part of the Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term, Saturn Partners General Partner, Bill Guttman, is joining Trunomi’s board.

Guttman commented on the investment that “Saturn is excited to be backing Trunomi, whose technology revolutionizes the way financial markets deal with customer account opening, onboarding and related transactions. We’re deeply impressed by the scope of Trunomi’s solution.”

Stuart Lacey, CEO and Founder of Trunomi added: “With the support of our investors, we are changing how the financial services industry approaches KYC as well as the way data privacy is managed. This round of capital will drive Trunomi’s efforts to ensure financial service providers unlock the potential of data, yet in a compliant and efficient manner, through the power of consumer consent.”

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