Greenboard secures $4.5m to disrupt financial compliance software
Greenboard, an emerging compliance and operations software company specifically tailored for financial services, announced the completion of a $4.5 million Series Seed funding round. The investment was led by Base 10 Partners, with contributions from Y Combinator, General Catalyst, Wayfinder Ventures, Liquid2 Ventures, Twenty Two Ventures, Rogue Capital, Transpose Platform, and others. This significant capital infusion is set to accelerate Greenboard’s development of a comprehensive AI-powered platform designed to manage all aspects of financial firms’ compliance programs and eventually, all back office processes.
Co-founded in June 2023 by Dave Feldman and Ed Schembor, Greenboard is introducing a new era of compliance software that replaces outdated systems with an AI-native operating system. This system supports critical functions such as Know Your Employee (KYE) and Communications Archiving. Feldman, who serves as the CEO, explained the motivation behind their startup: “We founded Greenboard after witnessing how cumbersome and outdated compliance software is at most financial firms.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.”
The response from the financial community has been positive. Brook Powers, CEO of Fiduciary Financial Advisors, a client of Greenboard, praises the system: “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.”
With its innovative approach to automating the preliminary analysis of information required for driving back office and compliance processes, Greenboard aims to make significant advances in financial recordkeeping. Rexhi Dollaku, Partner at Base10 Partners, commented on the investment: “Greenboard’s innovative approach to financial compliance and operations aligns perfectly with our investment philosophy at Base10. 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.”