Investment Reflects Strevus' Innovative Approach to Helping Financial Institutions Attain Regulatory Compliance While Creating a Better Client Experience and Lowering Risk
Strevus Inc., a provider of cutting-edge, relationship-driven risk and compliance management solutions for financial service institutions, today announced that it received $5.6M in Series A funding led by Blumberg Capital and with participation from U.S. Venture Partners (USVP) and existing Angel investors. Strevus' funding underscores the Company's progressive vision and patent-pending regulatory compliance solution, which enables financial institutions to facilitate communication, validation and reporting of compliance information between their clients, counterparties and regulators. Uniquely, and using permission-based access, Strevus enables counterparties to securely retrieve their information at a granular level and to monitor all usage of that information.
Funds from this investment will be used to support Strevus' aggressive growth plans and to support the ongoing build-out of the Company’s unique solution. In conjunction with this round of financing, David Blumberg of Blumberg Capital joins existing Board of Directors Ken Hoang, Terry Garnett, Darlene Mann and Alan Naumann.
"With a myriad of global financial regulations such as the IRS' fast approaching FACTA rule, organizations need a way to quickly and easily comply with these laws or run the risk of exorbitant fines or worse being frozen out of certain capital markets," said Steve Krausz, General Partner, USVP. "Recognizing the huge opportunity that risk and compliance present, and after meeting Strevus' top notch team of experts, we are confident that Strevus understands the complexity and challenges that face today's financial institutions. We look forward to helping them continue their vision of bringing all regulatory compliance data together into one location, and helping organizations remove the cumbersome and costly process of managing, buying and validating compliance-related information from internal sources, clients and third party vendors."
Today, financial services organizations struggle to collect monitor and maintain the up-to-date, proprietary information necessary to meet the dynamic requirements of global mandates such as KYC, AML, Dodd-Frank, EMIR, FATCA and GATCA. As a result, clients are inundated with duplicate requests from different departments and multiple institutions. Founded in 2012 and led by a team of financial service experts and technology visionaries that include Ken Hoang, Ken Price, Shaker Rawan and Jeff Sidell, Strevus helps financial institutions easily and securely collect risk and regulatory related information from their clients, reduce operational costs, and grow their business by enhancing and strengthening client and business relationships.
"Whether looking for a solution to meet the pending FATCA rule, support an institution's mobile strategy for KYC requirements or any number of current or future regulations, Strevus' flexible approach allows institutions to implement all global compliance regulations using a singular solution," said David Blumberg, Managing Partner, Blumberg Capital. “Being appointed to Strevus' Board of Directors is an opportunity for me to support an exciting technology that will have a significant impact on nearly every financial services organization in the world."
“We are thrilled to have the support of Blumberg Capital and USVP and to receive such a powerful endorsement from the investment community,” said Ken Hoang, CEO and Co-Founder of Strevus. “As a managed solution, Strevus provides a persistent, secure and auditable communication channel between counterparties and a central repository to manage and track these assets. By using Strevus, our clients can connect to the right people the first time to get accurate information, thereby eliminating duplicate requests for information and improving client relationships while assessing risk and achieving regulatory compliance."