Digital recording and archiving software provider Qumram raised $2.5 million (CHF 2.4 million) in funding this week. The funds come from Ariel Lüdi (former CEO of hybris software); Peter Stalder (former CTO of finnova AG); and investment group Zirkonia.

A group of investors from investiere.ch also contributed, furnishing almost 30% of the funds. In a press release, investiere.ch says it invested because the demand for Qumram’s services is growing, the company holds a good reputation, and it has a strong management team.

Qumram CEO Patrick Barnert notes that the company will leverage the funding “to extend the great success in central Europe to the two core financial services markets in the U.K. and U.S., and to further drive innovation within our product suite like Qumram Employee Governance Solution, which was first presented at FinovateEurope in London.”

Barnert added that the upcoming regulations, like MiFID 2 and FFSA, are driving an especially significant need for Qumram in the financial services industry.

The Switzerland-based company enables financial institutions to record their client’s online sessions to gather information for compliance, and to collect usage data to enhance the user experience. At FinovateEurope 2016, the company unveiled Qumram for Employee Governance, a solution that allows banks to carry out compliant, omnichannel communications and transactions with their customers over social media.

Above, Qumram for Employee Governance used for LinkedIn messaging

Founded in 2011, Qumram has 30+ customers across Switzerland, Germany, and the United Kingdom. The company was included in the FINTECH 100 list published by H2 Ventures and KPMG. Additionally, Qumram received accolades from Accenture’s Swiss Fintech Award, having been placed in the final top three.