Greenboard provides interconnected, intelligent compliance tools that use AI for risk detection, focusing on SEC & FINRA compliance tools.

Greenboard

Fintechs, private funds, and wealth managers all use Greenboard to consolidate compliance software functionality onto a single modern platform that uses AI to detect risk and reduce tedium.







🚀 We're thrilled to welcome Anton Yang, Tal Magdish and Cameron Burns to the team!  

Greenboard is still relatively small in terms of headcount, but the impact we're having with SEC & FINRA regulated financial institutions far outpaces our size. 

Recently, we won several customers who manage tens of billions in assets. After competitive processes where we were evaluated against 10+ other compliance tech vendors across categories (including legacy providers and other AI tools) Greenboard came out on top. 

Why? We've built the best software product that leverages the most powerful proprietary AI systems in the space. How? We have - and will continue to build - the best technology team. 

CCOs that lead diligent software vendor selection processes choose Greenboard. Don't trust us, try us.

Greenboard was at the FINRA annual conference this past week - a fantastic experience! Learned a ton from regulators, speakers, and current/prospective customers.

Another takeaway - there is tremendous energy around the adoption of AI in the space. Many sessions were focused on GenAI and new tech; and we were surprised by the extent that incumbent vendors leaned into GenAI in their marketing.

Some of this feels well meaning and in effort of supporting customers.

But given the super-hero figurines and matrix-like animations we saw across the conference, we can't help but feel some of this is defensive misdirection - which is ironic given recent regulator focus on "AI washing" at member firms. 

CCOs and compliance teams are smart buyers - and when the rubber hits the road we're confident that the best software products will win. 

#FINRAAC

Greenboard is joining the Y Combinator W24 batch!

We're thrilled to be working with the Y Combinator team - the best investors in the world for early stage startups - and an excellent partner in our mission to bridge the gap between regulation and financial innovation 🚀 ✅

Today, we're announcing our $4.5m seed fundraise, led by Base10 Partners with participation from Y Combinator, Liquid 2 Ventures, General Catalyst, Transpose Platform, Rogue Capital and other great investors. 

This is much more than a milestone. This is testament to amazing people that helped us get here: our customers, investors, partners and our incredible team.

Onwards and upwards!

https://lnkd.in/gxr2RCAz

Bittersweet to be wrapping up Y Combinator W24. My favorite part of the batch was definitely the people we got to work with - it's huge to be able to share the usually isolating founder experience with other great founders, and the mentorship we received from our group partners was invaluable (shout out to Nicolas Dessaigne)

Edward Schembor and I don't take many breaks these days, but we managed to catch the ballgame today and were lucky to see the San Francisco Giants late-inning rally to secure the W.

Can't share all of the details yet, but Greenboard has now closed our Seed fundraising round and made our first several hires. Still early innings!

This holiday season, I’ve found myself thinking about the future of financial regulation and innovation from a chairlift in Colorado…yikes! 

When founders say that they think about their business and customers constantly, they aren’t kidding. 

At risk of getting out over my skis for trying to predict the future, here are some predictions for 2024.

Prediction: the Supreme Court will gut the SEC’s ability to levy fines 

The Supreme Court is on an originalist kick and has shown willingness to diverge from long standing precedent. Since Atlas Roofing vs. OSHRC in 1977, it has been the case that federal agencies can levy fines without a jury trial. Earlier this month Chief Justice Roberts remarked "it seems to me that undermines the whole point of the constitutional protection in the first place."

SEC regulated firms will face diminished SEC fine risk in 2024 onwards, and will look to right-size compliance expenditure via cutting back on services and procuring more efficient compliance software.

Prediction: Hype around GenAI will fade and give way to disappointment for those who have been over-promised

It’d be hard to imagine the excitement in tech around Generative AI increasing from 2023 levels in 2024. Generative AI has largely been heralded as the next big technology “platform” akin to mobile and cloud computing. My two cents: it probably will be over the long term.

Today, AI startups in the financial compliance space claim their software can produce 70%+ time savings, which turns out to be a 100% made up statistic. And slow-moving 100-year-old financial firms have spun up new AI brands they spend millions of dollars marketing and now claim to be AI experts. In 2024, the inflated expectations for GenAI will give way to disappointment for many who have been over-promised. 

All hope for innovation and less financial compliance & operations pain is not lost: it’ll become clear in 2024 that combining expert-built, use-case-specific AI with excellent user-centric software ultimately will drive the most value for regulated financial firms.   

Prediction: more snow in the back half of the mountain west ski season 

Ok, I can’t predict the weather. But if I’m making self-serving predictions, more snow is a must. Crunchy, chunky, and crispy mountain conditions will give will to deep powder that will inspire even more deep thinking.

Wishing all a happy and healthy holiday season, 
Dave

#sec #fintech #genai #predictions

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