"More than 500 financial institutions run their compliance programs on Greenboard, which now includes a conversational compliance platform called Greenboard Go. At a time when the breakneck progress of AI models is causing consternation among SaaS companies, Greenboard says most institutions are struggling with how to automate compliance solutions on their own."
"“There are all these very specific compliance requirements around books and records that you're not going to be able to vibe code,” Greenboard co-founder and CEO Dave Feldman told Fortune in an interview."
"When ChatGPT went viral in 2022, Feldman realized that AI could lead to a different experience for compliance, which many people find “kind of stinks,” the Texan founder said. Greenboard then went through the winter 2024 cohort of the Y Combinator startup accelerator."
"Greenboard was co-founded by Feldman and Ed Schembor. The pair met as engineering undergrads at Johns Hopkins. Feldman said he began thinking more about financial compliance while working as a senior project manager at Guideline, a business for automating 401(k) platforms that has since been acquired by Gusto."
Greenboard provides an AI platform that automates parts of financial compliance for more than 500 financial institutions. The company raised $15.5 million in a Series A round led by Base10 Partners, with participation from Y Combinator and General Catalyst, along with other investors. The funding follows a $4.5 million seed round in 2024 also led by Base10. Greenboard includes a conversational compliance product called Greenboard Go. The platform targets institutions that struggle to automate compliance requirements internally, especially detailed books-and-records rules that cannot be handled by simple coding. The company was founded by Dave Feldman and Ed Schembor, with Feldman drawing on prior work in automating 401(k) platforms.
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