Messaging surveillance specialist Txtsmarter has completed its Series A funding in a round led by Carolina Financial Group, a North Carolina investment bank. The company also used the occasion to appoint a new CEO, Edward Green, who succeeds Nuri Otus, who has left the company.
Txtsmarter will use the unspecified funds to expand its services in the US and European enterprise markets, to enable companies in highly regulated industries to respond to increasing oversight from supervisory agencies. New CEO Green is a former CEO of Ring Access and Basys Automation Systems, and has 26 years of direct venture capital experience, with many investments in high-growth technology and business services.
“This funding round has been paramount in growing our development team,” says Green, “and providing additional features based on our future roadmap to expand our services in the enterprise market.” He adds that global regulatory agencies have been focused on financial institutions in recent months, levying billions of dollars of fines for missing texts and WhatsApp messages. “[Our] unique solution empowers companies to achieve eComms compliance in near real- time across an ever-shifting landscape of communication channels.”
Txtsmarter recently announced the ability to not only capture all communications in real-time but extend that functionality to pull in historic WhatsApp messages from activated devices as well, in response to comments the FCA made in issue 68 of its Market Watch newsletter, which outlined the regulator’s concerns that requirements for market abuse surveillance were still not being fully met.
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