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Qumram’s Regtech Offering Lands $1.49 Million

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Here’s more proof that regtech is coming of age– Switzerland-based Qumram closed on $1.5 million in funding today. This brings the company’s total funding to $6.2 million.

Today’s funds come from Madrid-based Mundi Ventures, a technology-focused VC firm that also operates in Barcelona, London, and Seattle. In addition to the funding, Mundi will provide due diligence support and will offer Qumram access to corporate executives, new markets, and new customers via the Mundi Club, a global network of 500+ Spanish business leaders.

Regarding the purpose of the new round, Qumram CEO Patrick Barnert said, “These funds are continuously applied to international expansion, with strong focus on the financial services markets of Europe, the U.K., and U.S.A. Qumram has already gained great traction in the US. Our first client win was Russell Investments, and other financial institutions followed soon after.”

Founded in 2011, Qumram offers banks technology that lets them record and replay all digital activity and interactions with clients. The movie-like playback gives banks an auditable record for compliance purposes. In addition to facilitating compliance, Qumram offers internal and external fraud detection, as well as actionable insights that inform banks how to improve the user experience. At FinovateFall 2016, the company showcased its regulatory compliance tool that facilitates client communication. In September of last year, Qumram debuted a social media recording solution that is compliant with WhatsApp and in August won Swisscom Startup Challenge 2016.