Greenboard, a new compliance and operations software company for financial services, announced 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 more.
This funding round will drive 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.
Launched in June 2023 by Dave Feldman and Ed Schembor (CTO), Greenboard already enables 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 founders met as freshmen at Johns Hopkins and have since gone on to lead teams at Amazon, Hive AI, and Guideline.
Greenboard’s central product thesis is that GPU-powered computational statistics will eliminate much of the tedium in back-office financial work.
Greenboard’s goal is to expand on the past advances in financial recordkeeping by automating the preliminary analysis of information required to drive back office and compliance processes.
KEY QUOTES:
“We founded Greenboard after witnessing how cumbersome and outdated compliance software is at most financial firms.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.”
“It wasn’t always the case that financial firms could count on cheap hard drives and cloud computing to keep records. 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.”
- Dave Feldman, Co-founder and CEO of Greenboard
“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.”
- Brook Powers, CEO, Fiduciary Financial Advisors, a Greenboard customer
“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.”
- Rexhi Dollaku, Partner at Base10 Partners
