CredShare announces a successful fundraising and a new generation of RegTech

Australian start-up CredShare has announced that it has raised approximately another $2.7 million while unveiling the next evolution of its credential platform.

The funding round features a roster of high net worth investors, including Touch Ventures and Ellerston Capital. The fundraising capitalizes the start-up at $14 million.

The funding comes as CredShare is set to launch the next evolution of its platform intended to transform the compliance landscape by bypassing the need for individuals to upload PDF or visual copies when exchanging information. identification. And instead, confirmation signals, possibly drawing directly from the issuing authority. The company says this will eliminate the need to share and store sensitive information in credentials and return authority to the individual.

An Australian RegTech company, CredShare is focused on solving the emerging problem of secure and easy credential management. The application gives full control of credentials to businesses and the individuals who hold them by creating a transparent and secure flow of credentials.

The company is building a scalable platform for frictionless, highly secure information exchange between credential issuers, holders, and recipients.

“It gives people better access to jobs, travel, finance, insurance and more by making it easier to manage the credentials required to do these things,” the company said.

“It does this while enabling organizations to meet growing and increasingly complex compliance regulations faster, more securely and more efficiently. Privacy and security are central to the Credshare exchange, and it recently passed the requirements for ISO27001 certification.

CredShare enables the secure exchange of credential data between issuers (eg, governments, banks, and universities) and institutions and employers (eg, corporations) and individuals (eg, employees or customers).

The service distills key information from credentials and confirms or denies accuracy whenever this information is requested. This process removes the risk of information being accessible to outside parties through transmission and storage processes. Dashboard functionality for employers enables real-time compliance checks and document expiration notifications.

“The regulatory, compliance, and security landscape for credential verification and management is rapidly changing,” said Andrew McMillan, CEO of CredShare.

“Our service is perfectly positioned to meet an exponentially growing need for secure and transparent transfer of identification data. COVID-19 vaccination certificates are a prime example of the growing requirement for certification and compliance of information from identification.

The company says there are serious legal and cybersecurity risks for businesses if data isn’t handled properly, including lawsuits, fines and even jail time. There are also serious privacy risks for consumers who provide digital information through traditional digital channels.

Oscar Omegna, CredShare CTO, says, “We’re not just another RegTech creating compliance forms and software that ticks a box. We are passionate about creating a solution that, over time, will truly improve the security of your information while making administration and compliance easier. painful.”

CredShare currently serves several Australian businesses on a subscription-based service model and is seeking beta test participants ahead of its general release in March.

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