• Compliance communications surveillance service txtsmarter has raised Series A funding. The amount of the investment was not disclosed.
• The Silicon Valley, California-based company also announced a new CEO, Edward Green.
• Founded in 2014, txtsmarter demoed its technology at FinovateSpring earlier this year.

Private messaging communications surveillance service txtsmarter is sharing some big news. First, the Silicon Valley, California-based company has closed a Series A funding round led by North Carolina-based investment bank and financial services company, Carolina Financial Group. The amount of the investment was not disclosed.

Second, txtsmarter has appointed a new CEO, Edward Green, to lead the company in its next stage of growth. Formerly CEO of Ring Access and Basys Automation Systems, Green also has 26 years of direct venture capital experience. He replaces outgoing CEO Nuri Otus, who is no longer involved in the company’s operations.

Speaking about the fundraising, Green pointed to growing demands from companies to meet regulatory expectations as they relate to private messaging and communications. “Over the past couple of months, global regulatory agencies have focused on financial institutions, levying billions of dollars of fines for missing texts and WhatsApp messages,” Green explained. “txtsmarter’s unique solution empowers companies to achieve eComms compliance in near real-time across an ever-shifting landscape of communications channels.”

txtsmarter’s technology enables the capture, verification, encryption, and archiving of data from private messaging applications, platforms, and services. The company’s compliance communications surveillance service works with Apple iMessage, Android SMS/MMS, WhatsApp, and other messaging products. By making previously inaccessible data available in real-time – and recently adding the ability to access historical messaging data, as well – txtsmarter helps businesses meet compliance obligations and mitigate data leaks.

This spring, txtsmarter was awarded the 2022 Most Innovative Use of Alternative Data in Regulatory Compliance at the A-Team Innovation Awards. The company called the award a validation of the work its done in developing its intelligent compliance solution, as well as a reflection of the need for such a solution in the marketplace.

“With txtsmarter, there is no data loss, no apps to install, and no learning curve; it’s an elegant solution for the modern world of e-comms compliance surveillance for any company,” Hugh Cumberland, Managing Director, UK/EMEA, said. “We have all seen what big headlines can do to a company’s brand and reputation and have observed the FCA cracking down on firms to ensure all communications are recorded as required. txtsmarter mitigates communication data gaps to prevent sanctions and fines during the audit process. It’s as simple as that.”

Photo by Pixabay

San Mateo, California-based txtsmarter, an intelligent communications surveillance service for text and social channel communications, has forged a partnership with GuideCX, a client onboarding software company. GuideCX will streamline the onboarding process for txtsmarter customers as the company expands across the country.

“Txtsmarter is growing at such a high rate that transparency and accountability during the onboarding process are a must for their customers,” GuideCX founder and CEO Peter Ord said. “Their one-day onbording has set a new level for GuideCX as we continue to perfect our process and show people everywhere why our technology can make all the difference for their businesses moving forward.”

txtsmarter made its Finovate debut last year at FinovateWest and returned to the Finovate stage this fall for FinovateFall in New York. The company offers a SaaS platform that enables employees and customers in regulated industries to use native communications apps such as iMessage, WhatsApp, Android, and WeChat/WeCom. txtsmarter’s platform provides effective capture, encryption, and archiving of text and social media messages, immediately identifying any inappropriate communication or potentially fraudulent activity.

Founded in 2014, txtsmarter includes one of the largest financial institutions in the world and a major U.S. sports league among its customers. The company began the year with the announcement that it had entered a strategic partnership with compliance technology and data analytics firm, Steeleye. The collaboration will combine txtsmarter’s message capture and archiving service with Steeleye’s advanced communications surveillance solution.

“Via our partnership with SteelEye, we offer our clients a 360-degree archiving and surveillance service, supplying real-time access to previously inaccessible data,” txtsmarter President and CEO Nuri Otus said. “Only txtsmarter can capture native iMessage and Android SMS/MMS messages providing a full view of all communications – which is necessary for full compliance and to avoid huge sanctions. We all know the real conversations happen via text.”

Photo by Alok Sharma from Pexels