Qumram allows all digital activity and interactions to be recorded and replayed in movie-like form, providing a transparent digital audit trail for financial services organisations
March 30, 2017: Qumram, a leading global RegTech firm headquartered in Zurich, Switzerland that provides digital compliance and risk management solutions, has announced further investment of 1.5 million Swiss Francs from the technology-focused venture capital firm Mundi Ventures. Headquartered in Madrid, Mundi Ventures has operational presence in Barcelona, London and Seattle.
In addition to providing due diligence support, Mundi Ventures will boost Qumram’s growth strategy by facilitating access to corporate executives, new markets and new customers. Through this investment partnership, Qumram will gain access to the Mundi Club, a global network of more than 500 renowned Spanish business leaders, located in 41 cities worldwide, including board members of Havas, Kering, Merck, Bertelsmann and Nestle, as well as the CEO of Zoetis, and the former CEO of Toys R Us.
Qumram allows all digital activity and interactions (web, social, mobile) to be recorded and replayed in movie-like form, providing a transparent digital audit trail for financial services organisations. It enables global banks, investment and wealth management firms, insurance companies, and other financial institutions, to comply with regulatory requirements for digital record-keeping: MIFID-II, FINRA, SEC, ESMA, FFSA, FIDLEG, the Department of Labor fiduciary rule, and more. It also facilitates fraud detection (monitoring digital behavior of employees as well as interactions from external sources), and delivers actionable customer insights that improve customer experience.
A spokesperson for Mundi Ventures said, “Qumram satisfies the compliance, legal and customer experience analytics needs of large corporations. We talked with existing customers, who confirmed a compelling need for the solution, and who spoke very highly of the Qumram experience. We were impressed by the strength and quality of the Qumram team, the uniqueness of the solution, and the market traction already achieved by the company within the last two years. We very much look forward to contributing to the commercial scalability of Qumram, helping to open doors that will create a solid global business.”
Patrick Barnert, CEO at Qumram, said, “We are delighted to have the backing of Mundi Ventures, as we continue to strengthen our trajectory into new global markets. The wealth of experience and network that this investment partnership brings extends far beyond its financial contribution. With the closing of Mundi Venture funding, and further investment from existing investors in December 2016, Qumram raised a total of 4.1 million Swiss Francs in angel funding last year. These funds are continuously applied to international expansion, with strong focus on the financial services markets of Europe, the UK and USA. Qumram has already gained great traction in the US. Our first client win was Russell Investments, and other financial institutions followed soon after.”