202403 Apr

Greenboard: 'Rippling' for Financial Compliance and Operations

Summary

Cost-savings and streamlined experience are often what drive customers to sign - but the real magic of Greenboard happens when we aggregate our customers relevant data onto a single platform that uses AI to detect risk faster and more reliably than previously possible.If youre a fintech or compliance leader get in touch at founders@greenboard.io.The problem: financial compliance software is fragmented and bad. See greenboard.io for more info.The dynamics of the space remind us of HR/IT software pre-Rippling in a few ways: A lot of fragmented functionality is needed on top of a core system of record. A lot of the needed functionality ultimately comes down to CRUD operations + collaborative tooling. Clear sets of power users exist (compliance teams for us, HR people at Rippling) but everyone in an organization needs a login Spend on software matters in non-revenue generating areas, and many organizations would love to consolidate vendors.Humans, machines, and the future of financial complianceA super reductive checklist on how to maintain financial compliance looks something like this: Keep detailed records of dozens of things having to do with your business, employees, and customers Examine these records and look for bad (non-compliant) things that might be happening Address the bad things that you found and put processes in place to prevent these things from happening in the futureCurrently, the technology adoption rate is high for 1) and low for 2) and 3).It wasnt always the case that financial firms could count on cheap hard drives and cloud computing to keep records. It turns out that computers are cheaper and better than humans at storing files by such a wide margin that there are no longer roles for file clerks in the economy.Our thesis is that GPU-powered computational statistics will similarly transform step 2) above.

Source: Ycombinator

Funding

$500K
Amount
Apr 03 2024
Date
-
Investor
Greenboard
Company

Classifications

Companies