HAMILTON, Bermuda & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Trunomi, a provider of consent-based Know Your Customer (KYC) data-sharing technology, announced that it closed a $3 million capital raise, led by Saturn Partners with additional participation by Fenway Summer, Persistent Ventures and SenaHill Partners. Bill Guttman, a general partner at Saturn, will join Trunomi’s board.
Guttman said, “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.”
“This funding further validates Trunomi’s business model and our established footprint in the market,” said Stuart Lacey, CEO and founder of Trunomi. “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.”
In the coming months, Trunomi will continue to invest in the progression of its technology. Its enterprise solution expedites and improves customer onboarding, enabling financial institutions to realize new revenue streams and minimize exposure to regulatory and reputational risk. Its customer facing mobile and web applications empower consumers to control and manage consent to share their own personal data across a broad spectrum of industry participants.
Trunomi has expanded its reach significantly since its official launch in October 2014. This capital raise comes on the heels of several accolades this year; Trunomi was included on the 2015 European FinTech 50 ranking and named a finalist in its category for the Benzinga FinTech Awards and was this month named as a finalist in the Visa Europe Collab Startup Competition.
Lacey added, “The methodology for interacting with consumer data is shifting. As privacy laws and compliance requirements come to the forefront for financial institutions and other organizations in today’s era of data security risk, enabling individuals to maintain and share their own Personally Identifiable Information (Pii) is absolutely critical.”
Through offices in Bermuda, the U.S. and Europe, Trunomi is reinventing the way in which financial institutions interact with their customer's data. Solutions include mobile account opening, know your customer (KYC), data personalization and the delivery of new value-added services that all rely on the access to and analysis of Customer Personal Information. The proprietary Trunomi platform accelerates, simplifies and secures the data collection and sharing process, with a powerful combination of enterprise compliance solutions and mobile technology. This approach enables institutions and their customers to easily create auditable, digitized sets of customer identification data and then simply manage and securely share them anytime, anywhere; in full compliance with international privacy and regulatory requirements.