Finos Raises €500K In First Seed Funding Tranche to Bring Compliance Sharing to the Financial and Professional Services Industry
Finos helps the financial industry to drive significant time and cost savings allowing them to focus on finding and eliminating risk.
Amsterdam, The Netherlands, March 1, 2020 – Finos today announces that it has closed its first €500,000 seed funding tranche. They create compliance information sharing technology that help their clients, made up of financial and professional service providers such as trust and corporate service providers (TCS), asset managers, law firms, notaries, and banks to lower their client compliance and on-boarding costs whilst also improving their risk management capabilities.
“Finos’ goal is to reduce the vast amount of wasted time and money spent by organizations in fulfilling their compliance obligations. There is a lot of duplicate work and pushing of paper by financial institutions and their clients, which doesn’t help the overall goal we have, which is to keep criminals and money launderers out of our financial system. This first investment tranche lets us continue on our mission to build a rich and secure compliance sharing ‘superhighway’ by providing financial institutions the information they need to fight financial crime at their fingertips.”George Pedra, CEO, Finos
Founded in 2018, Finos has brought together the professional services ecosystem that supports global corporations and has solved the problem of wasted efforts spent by these firms, allowing them to focus more of their time on finding and eliminating risk . Finos’ accelerated progress attracted industry veterans to lead a funding round. Most notably, Wim Smit, Managing Director of Luman Invest BV, and Dan Kragt, CEO of Quipu and former COO and board member of TMF Group, one of the world’s largest trust, corporate and fund administration providers, and a consortium of angel investors led by Jan Scholts, former CFO of ATC Group (since acquired by Intertrust Group, another major global corporate services provider).
Finos’ flagship product, Integrity Check, addresses the significant risk when ‘bad actor’ try to take advantage of the gaps that currently exist between financial and corporate service providers. When a service provider kicks out a ‘bad actor’ for integrity risk reasons, that ‘bad actor’ client can simply go shopping around for the next service provider. This ‘bad client’ remains a major problem not just for the next service provider, but also for the security of the wider financial system. The Integrity Check platform enables authorized service providers to raise the alarm and warn each other when a ‘bad actor’ is present, thereby increasing the risk management capabilities of service providers on the network, and protecting the financial system by creating an impenetrable digital ring-fence.
“It’s exciting to hear first-hand how clients are realizing the benefits of the Finos platform. This is why the Finos team has had success in enlisting new clients and building a strong sharing network”
“I’m excited to be part of Finos and look forward to supporting George, Gui and the team as they change the game for how compliance is done”.Dan Kragt, former COO of TMF Group, CEO of Quipu
“Managing information securely across regulated financial services companies requires a strong and reliable information and security architecture. Finos’ platform addresses this head-on and makes the platform a critical component of any service providers ‘on-boarding toolbox’. This isn’t just another compliance solution, but instead one that bridges the gaps between different solutions, and brings them together in a very clever way,”Wim Smit, CEO of Value2Health, and investor
“Before Finos, corporate service providers simply had no way of sharing critical compliance information with each other. Finos are making great progress because they have a thorough understanding of the current state and the various challenges facing their clients”Jan Scholts, former CFO of ATC Group, and investor
Finos is a trust-tech software company with a focus on solutions for the global corporate and asset management services industry. Finos’ blockchain-based Integrity Check and ID-Verification solutions help clients meet their regulatory compliance requirements faster, and better, than before. The international company has its headquarters in the Netherlands. Learn more at: www.finosglobal.com
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