Trunomi attracts $3m in capital raise
Trunomi, a Bermuda-based financial technology innovator, has enjoyed quite a week.
Not only did it raise $3 million from venture capital firms, but it also took top honours in the Visa Europe Collab Startup Competition in Tel Aviv, Israel.
The company, which works out of offices in New Venture House on Mill Creek Road, has come up with patent-protected technology that enables people to store digital sets of personal identification documents, such as passports and utility bills, in a way that allows it to be easily shared with financial institutions when necessary.
“This funding further validates Trunomi’s business model and our established footprint in the market,” Stuart Lacey, founder and chief executive officer of Trunomi, said of the capital raise.
“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 new funds came from 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.
“Saturn is excited to be backing Trunomi, whose technology revolutionises the way financial markets deal with customer account opening, onboarding and related transactions,” Mr Guttman said. “We’re deeply impressed by the scope of Trunomi’s solution.”
In a statement, Trunomi said it would continue to invest in the progression of its technology.
Trunomi has rapidly grown in stature in the financial technology sector since its official launch in October last year.
The company was included on the 2015 European FinTech 50 ranking — described by organisers as the “the 50 game-changers transforming the future of finance” — and was also named a finalist in its category for the Benzinga FinTech Awards. And in June Mr Lacey was named as a “2015 Innovator to Watch” by Bank Innovation.
Trunomi’s latest accolade came as the winner of the Visa Europe Collab Startup Competition, chosen by judges at an event in Tel Aviv on Tuesday night.
Mr 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 organisations in today’s era of data security risk, enabling individuals to maintain and share their own Personally Identifiable Information (Pii) is absolutely critical.”
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