Strevus, a San Francisco-based startup providing data sharing risk and compliance management technology to financial service institutions, has raised $5.6 million in a series a funding round led by Blumberg Capital.
US Venture Partners and existing angel investors also participated in the round.
Strevus promises to help financial services firms as they struggle to collect monitor and maintain the up-to-date, proprietary information necessary to meet the dynamic requirements of global mandates such as KYC, AML, Dodd-Frank, Emir, Fatca and Gatca.
It says that its patent-pending system enables firms to facilitate communication, validation and reporting of compliance information between their clients, counterparties and regulators. Using permission-based access, the technology lets counterparties securely retrieve their information at a granular level and to monitor all usage of that information.
The company - set up in 2012 by a team of financial services and technology specialists - says that it will use the new funding to push an aggressive growth plan and build on the technology platform.
Says David Blumberg, who is joining the Strevus board: "Whether looking for a solution to meet the pending Fatca rule, support an institution's mobile strategy for KYC requirements or any number of current or future regulations, Strevus' flexible approach allows institutions to implement all global compliance regulations using a singular solution."
Strevus is joining an increasingly crowded field of firms pushing to build compliance data sharing services for financial services firms. In January, Switzerland-based KYC Exchange launched a Web-based communication platform for Know Your Customer (KYC) and Customer Due Diligence (CDD) data sharing for the international banking community. This came just weeks after global banking co-operative Swift announced plans for the creation of a global Know Your Customer (KYC) Registry to provide users with access to a central repository of up-to-date institutional information shared by participating banks.