Bengaluru: Trunomi, a Know Your Customer (KYC) and data sharing solution provider, successfully closes its $3 million fundraising led by Saturn Partners along with its other existing investors – Fenway Summer, Persistent Ventures and SenaHill Partners. This new funding round will enable the company to develop its data-sharing technology so as to provide its customers a greater control of their personal information and avoid duplicate paperwork. Prior to this, the company had raised $2.3 million angel funding led by Saturn Partners, Fenway Summer, Persistent Ventures and SenaHill Partners.
Bill Guttman, General Partner at Saturn, who will be joining Trunomi’s Board of Directors post this deal, comments, “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”.
Speaking about the new fundraising, Stuart Lacey, Founder & CEO, Trunomi, says, “This funding further validates Trunomi’s business model and our established footprint in the market. 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”.
“The methodology for interacting with customer data is shifting. As privacy laws & compliance requirements come to the forefront for financial institutions & 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,” adds Stuart.
Headquartered in Hamilton, Trunomi was founded last year by Stuart Lacey, a successful investor and an entrepreneur. It provides software solutions to the companies in the financial industry to solve their KYC and data sharing challenges. By combining enterprise compliance solutions and mobile technology, the Trunomi platform accelerates, simplifies and secures the data collection & sharing process. The company has offices in Bermuda, the U.S. and Europe and was included in the 2015 European FinTech 50 ranking and was named as a finalist in Benzinga FinTech Awards and Visa Europe Collab Startup Competition.