Australian start-up CredShare has announced it's raised a further circa $2.7 million while unveiling the next evolution of its credentials platform.
The funding round comprises a list of high net worth investors, including Touch Ventures and Ellerston Capital. The raising capitalises the start-up at $14 million.
The funding comes as CredShare is ready to launch the next evolution of its platform set to 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. The company says this will eliminate the need to share and store sensitive information within credentials and return authority to the individual.
An Australian RegTech enterprise, CredShare focuses on solving the emerging secure and easy credential management problem. 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.
"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," the company says.
"It does this 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 distils key information from credentials and confirms or denies accuracy any time that information is requested. This process removes the risk of information being accessible to outside third parties through transmission and storage processes. Dashboard functionality for employers enables real-time compliance checks and notifications of documentation expiries.
"The regulatory, compliance and security landscape for credentials verification and management is evolving rapidly," says CredShare CEO Andrew McMillan.
"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 an excellent example of the ever-increasing certification and credential compliance requirement.
The company says there are serious legal and cybersecurity 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.
Oscar Omegna, CredShare CTO, says, "We are not just another RegTech creating compliance forms and software that ticks a box. We are passionate about building a solution that will, over time, genuinely improve your information security while making admin and compliance far less painful."
CredShare currently services several Australian businesses on a subscription-based service model and is seeking beta testing participants ahead of its March general release.