Trunomi raises $3m in funding round
Bermudian-based tech start-up Trunomi has raised $3 million in its latest round of seed funding.
The company, which is led by founder and chief executive officer Stuart Lacey, has created technology that can simplify the process of sharing personal data, in particular between individuals and financial institutions.
The latest investors attracted to Trunomi include Fintonia Group, a leading fintech venture capital firm based in Singapore and WorldQuant Ventures in the US.
The round was co-led by Saturn Partners and Fintonia, with the former adding to their investment in Trunomi along with several other existing investors.
Adrian Chng, Fintonia's chairman and CEO, has joined the Trunomi board.
Trunomi said in a company statement: “The investment will be used to continue evolving Trunomi's technology in response to a demanding regulatory environment for financial institutions, and build on the business's latest industry successes.”
The company, which has forged several strategic partnerships in recent months, including with Widerpool. Trunomi was the winner of Widerpool's inaugural Global Call, a competition that awards partnerships with innovative growth-stage tech companies.
This resulted in an investment being made by the firm in order to develop Trunomi's proposition for the telecoms market.
Mr Lacey said: “Consumers globally are becoming increasingly aware of the value of their own data. They are also living through a period of intense digitisation in financial services.
“Together with our investors, we recognise that the pressure is truly on financial services providers, not only to meet these market pressures but to operate in full compliance with a raft of new, global data privacy regulations. We're excited to welcome Adrian onto our board and continue the great work that the existing team has already started to fundamentally change the way that people manage and share their personal data.”
Mr Chng said of Fintonia's investment: “Trunomi's solution helps improve access to financial services for individuals and businesses around the world.
“The technology removes friction and creates industry wide efficiencies for customer on-boarding, account opening and know your customer obligations. We are excited to support Trunomi's growth in Asia and globally, and look forward to working closely with Stuart and the team.”
Bill Guttman, general partner at Saturn, said: “Saturn continues to be deeply impressed by the scope of Trunomi's award-winning data sharing solutions and its progress in terms of partnerships and commercialisation. As data privacy concerns mount globally we are thrilled to continue to back this innovative market-ready technology platform.”