Raised $3.5M to Help Fintechs Comply With Consumer Protections

By Juan Fajardo Juan Fajardo has been verified by Muck Rack's editorial team
Published on November 20, 2021, an infotech startup based in Tel Aviv and New York, has raised $3.5 million in seed funding to change how fintech organizations comply with consumer protections.

The round was led by StageOne Ventures with participation from James Kong, former Managing Director of BlackRock; Micha Breakstone, co-founder of Chorus.AI; and Alon Shemesh, co-founder of Forter; and Homeward Ventures. The funding will allow the startup to support its global expansion while onboarding new fintech customers. Nate Meir, Principal at StageOne Ventures, referred to the firm’s participation in the round by stating:

“The global fintech industry is expected to reach $190 billion in 2026, and Sedric is designed to assist companies in the fintech industry aiming to protect their customers and brands. With significant increases in regulatory scrutiny around the world, and constantly evolving financial regulation, Sedric gives fintechs an advanced platform to manage changing regulations quickly and easily. We are excited to support Sedric’s global expansion and mission to support fintechs around the world.”

Founded in 2020, makes it easy for fintech organizations to comply with regulatory requirements while increasing consumer protections. The startup achieves this by providing a platform that monitors all customer engagements, automating the detection of interactions that could represent a risk for its compliance. The result is a reduction in the time and financial costs associated with manual reviews and the continual need for revisions as the regulatory landscape changes. Nir Laznik, Co-founder and CEO at Sedric, said about the role the difficulties the fintech industry have to deal with :

“The cost and reputational damage from non-compliance is a top risk for today’s growing fintech industry. Regulators around the world are racing to add more rules to protect customers, requiring continuous monitoring and real-time implementation for fintechs to navigate and grow. We are thrilled to expand our services globally and provide fintechs with an advanced compliance platform that significantly lowers risks and helps them scale.”

So far, machine learning has proven to be an especially good technology to achieve similar feats that require the analysis of multiple points of data, providing an easy means for organizations to tune up the parameters as conditions change. With compliance being a top priority for members of the fintech industry, aims to provide an easy solution for organizations to escalate more efficiently and gain a competitive edge in a market expected to be worth $26 trillion by 2022.

By Juan Fajardo Juan Fajardo has been verified by Muck Rack's editorial team

Juan Fajardo is a News Desk Editor at Grit Daily. He is a software developer, tech and blockchain enthusiast, and writer, areas in which he has contributed to several projects. A jack of all trades, he was born in Bogota, Colombia but currently lives in Argentina after having traveled extensively. Always with a new interest in mind and a passion for entrepreneurship, Juan is a news desk editor at Grit Daily where it covers everything related to the startup world.

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