Finomial, the leading global Compliant Client Lifecycle Management platform, announced today that technology fund Silver 8 Capital has made a significant strategic equity investment in the platform.
Meredith Moss, Finomial CEO, says: “Silver 8’s investment enables us to continue our technical leadership – and to bring our platform to every segment of the financial services market.”
Finomial’s software supports clients across USD540 billion in assets, with over 450 funds using its platform, ensuring every interaction achieves client regulatory compliance.
“Finomial’s advantage stems from our deep SaaS orientation and strengths in data management and regulatory compliance – enabling financial institutions to go live with a state-of-the-art system in 6-8 weeks,” says Moss.
Silver 8 Capital’s Managing Partner Jose Suarez says: “Silver 8 seeks to make investments in innovative companies at the intersection of Financial Services and Technology. The convergence of regulatory compliance and client experience is a space ripe for innovation, and Finomial represents a new paradigm. For financial institutions who are no longer willing to undertake 18-month software deployment and customization projects that the traditional vendors require, Finomial’s agile technology and SaaS-native design brings an end to the revenue bottleneck of compliant client on-boarding.”
As part of the investment round, Silver 8’s Jose Suarez and Jorge de Mello will be joining Finomial’s Board of Directors.
The proceeds will be used to expand Finomial’s footprint globally in existing and new markets, including asset managers, private banks and wealth managers, commercial and investment banks, as well as fast-growing fintechs, including alternative banks and crypto asset platforms. Finomial will also use the funds to extend Finomial’s current technical advantages as a single global SaaS platform with advanced geolocation of data across jurisdictions and reporting expertise in every global market.
