CredShare announces successful capital raising and next gen RegTech
Australian regtech startup CredShare has announced it has raised a further circa $2.7 million while unveiling the next evolution of its credentials platform. The funding round boasts a select list of high net worth investors including Touch Ventures and Ellerston Capital. The raising capitalises the startup at $14 million.
The funding injection comes as CredShare is set to launch the next evolution of its platform which will transform the compliance landscape by bypassing the need for individuals to upload PDF or visual copies when exchanging credentials, and instead confirmation signals, eventually drawing directly from the issuing authority. This will eliminate the need to share and store sensitive information contained within credentials, returning authority to the individual.
CredShare is an Australian regtech enterprise focused on solving the emerging problem of secure and simple credential management in an increasingly digital world. The app gives full control of credentials to the businesses and individuals who hold them, by creating a seamless and secure flow of credential data.
The business is building a scalable platform for the highly secure, frictionless exchange of information between issuers, holders and receivers of credential information. Designed to make credential management safer and simpler, it allows people better access to employment, travel, finance, insurance and more by making it easier to manage the credentials required to do these things – while also allowing organisations to meet growing, ever-more complex compliance regulations faster, safer and more effectively. Privacy and security are at the centre of the Credshare exchange and it recently satisfied the requirements for certification for ISO27001.
CredShare enables the secure exchange of credential data between issuers (e.g. governments, banks and universities) and institutions and employers (e.g. businesses), and individuals (e.g. employees or customers). The service allows businesses to streamline and manage their credentials and compliance checks – reducing risk and saving substantial time – while also allowing individual users to make full use of their critical credentials without any security risk.
CredShare enhances the offering of digital wallet and cloud-based systems, removing the need to store or send individual credentials which can leave the credential holder vulnerable. Instead, it distills key information from credentials and confirms or denies accuracy anytime that information is requested. This process removes the risk of information being accessible to outside third parties through both the transmission and storage process. Dashboard functionality for employers enables real time compliance checks and notifications of documentation expiries.
CredShare CEO Andrew McMillan said, “The regulatory, compliance and security landscape for credentials verification and management is evolving rapidly. Our service is perfectly positioned to cater to an exponentially growing need for the secure and seamless transfer of credential data.”
“COVID-19 vaccination certificates are a good example of the ever-increasing requirement for certification and credential compliance. There are serious legal and cyber security risks for businesses if data isn’t handled properly, including lawsuits, fines and even jail sentences. There are also serious privacy risks for consumers providing digital information via traditional digital pathways.”
