One of the investors is Singapore-based fintech VC firm Fintonia Group
Global fintech startup Trunomi announced that it has raised a US$3 million seed funding round led by Singapore-based fintech venture capital (VC) firm Fintonia Group and US-based VC firm Saturn Partners. Another US-based VC firm, World Quant Ventures, also took part in the round.
Trunomi plans to use the new funding to develop its technology “in response to a demanding regulatory environment for financial institutions.”
“Consumers globally are becoming increasingly aware of the value of their own data. They are also living through a period of intense digitisation in financial services. Together with our investors, we recognise that the pressure is truly on financial services providers, not only to meet these market pressures but to operate in full compliance with a raft of new, global data privacy regulations,” said Trunomi CEO and Founder Stuart Lacey in a press statement.
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The company will also put significant effort to expand to Asia, particularly with strategic support from Fintonia, though there is no mention yet on where they are going to first launch their service. Fintonia Chairman & CEO Adrian Chng has also joined the Trunomi board.
“We’re excited to welcome Adrian onto our board and continue the great work that the existing team has already started to fundamentally change the way that people manage and share their personal data,” said Trunomi CEO and Founder Stuart Lacey in a press statement.
Trunomi helps financial institutions to automate and personalise business processes by offering fully digital customer onboarding and customer data management through a flexible and secure API architecture. The company has offices in London, Silicon Valley, and Bermuda. It was awarded the Proprietary Technology & APIs and Most Promising Startup Award at the 2016 Benzinga Fintech Awards and is a FinTech50 2015 company.
As for Fintonia Group, it invests in fintech companies in ASEAN and Hong Kong.
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