Greenboard
AI-native, unified compliance system of action that runs SEC and FINRA compliance programs for regulated financial firms.
- Business Profile
- Founders & Team5 sources scanned
- Market Size8 sources scanned
- Competitor Research5 sources scanned
- Funding7 sources scanned
- Momentum5 sources scanned
- Customer Sentiment8 sources scanned
- AI Visibility
- Risks & Red Flagspublic record checked
Summary
Worth a closer lookGreenboard is an AI-native, unified “system of action” that automates SEC and FINRA compliance programs for regulated financial firms — positioning itself as a modern alternative to legacy suites. It just closed a $15.5M Series A led by Base10 (May 12, 2026), claims 500+ financial-institution customers and launched GreenboardGo, signaling an accelerating GTM cadence after a May 2024 seed. That momentum and SOC2-Type II/cloud posture give it credibility versus incumbents, but the core tension is product/market fit at enterprise scale: rivals like Hadrius and ComplySci retain advantages in breadth, maturity and trust, while Skematic, Luthor and SmartRIA out-compete on workflow configurability or RIA-specific bundles. For a first meeting, focus on unit economics, enterprise references and the integrations roadmap — these decide whether AI automation converts into durable enterprise wins.
Bull case
- Recent $15.5M Series A led by Base10 (May 12, 2026) and prior May 2024 seed show accelerating capital and investor validation at growth stage.
- Company-reported footprint of 500+ financial institutions and launch of GreenboardGo indicate tangible customer traction and product momentum.
- AI-native product positioning and public SOC2-Type II/cloud hosting provide defensibility on automation, UX and security compared with legacy incumbents.
- Founding team (Dave Feldman, CEO; Ed Schembor, CTO) is publicly visible and driving a rapid go-to-market cadence.
Watch-outs
- Competitive landscape is crowded and split — Hadrius and ComplySci retain enterprise breadth and consulting trust, while Skematic, Luthor and SmartRIA win on workflow configurability, RIA focus or fast deployments.
- No disclosed ACV, pricing or unit-economics publicly available, and customer feedback flags opaque/module-bundled pricing that could hamper net retention and enterprise procurement.
- Leadership appears thin publicly (only two named executives listed) with few disclosed integrations — execution risk as Greenboard attempts to scale into mid-to-large regulated firms.
- Total disclosed funding ~ $20.5M is modest for scaling into enterprise financial services; runway and sales efficiency metrics are not public.
Questions for the founder
- 1What are ACV, gross and net retention, and median deal size for mid-market vs enterprise customers?
- 2Please provide three enterprise customer references (one mid-market, one large broker‑dealer, one RIA) and examples of deployment timelines and outcomes.
- 3What is the integration/APIs roadmap and which archive/e-communications platforms or custody systems are already integrated?
- 4What are CAC, LTV, and sales payback period today and projected after Series A spend?
- 5Are there any regulatory, audit or vendor‑due‑diligence findings from customers that influenced product changes?
Company profile
Customers on site
Pricing
Not publicly disclosed. The company website does not list its pricing on any of the 6 pages we read.
Target segments
Product suite
- Platform
Core operating system that integrates Greenboard's compliance modules into a unified solution.
- Communications Archiving & Supervision
AI-driven archiving and supervision of firm communications to enhance oversight efficiency.
- Employee Compliance
Automated monitoring of employee activities (e.g., personal trading) and attestations.
- Marketing Compliance
AI-assisted review and approval workflows for marketing materials.
- Firm Compliance
Workflow automation and AI support to turn compliance programs into repeatable operations.
- Third Party Compliance
AI-driven due diligence and risk assessment for third-party/vendor relationships.
- GreenboardGo
Conversational, policy-grounded AI assistant that provides instant compliance guidance and routes cases to officers as needed.
Stats they publish
Testimonials
“Every person here has to play a role in compliance,”
Alex Stickelman · Chief Compliance Officer, Root Financial“Every person here has to play a role in compliance”
Alex Stickelman · Chief Compliance Officer at Root Financial
Social accounts
Compliance & certifications
Corporate identity & contact
- Trade name
- GREENBOARD, INC.
Founders & Team
2- Dave FeldmanFounderCo-founder & CEO
- Ed SchemborFounderCo-founder & CTO
Greenboard’s public leadership consists of co‑founders Dave Feldman (Co‑founder & CEO) and Ed Schembor (Co‑founder & CTO), who are named on the company’s About and blog pages. No other Greenboard executives or a formal headcount are listed on the company site.
- The company’s About and blog pages explicitly list only Dave Feldman and Ed Schembor as founders/leaders; aggregator sources supplied with the brief (e.g., Crunchbase/Tracxn) include additional, conflicting attributions (for example, a listing for "Lennon Qualmann") that do not appear on Greenboard's official pages and were therefore excluded.
- No company page lists a full leadership team or headcount; team_size is left blank because no explicit employee count or team roster appears on the official site provided.
Market Size
Public sources do not publish a U.S. dollar TAM for SEC/FINRA compliance software. The most directly published top‑level measures are counts of addressable regulated entities: FINRA/GAO report ~3,300–3,400+ U.S. securities firms and AdvisorOS/BLS report between ~114k (registered) and ~330k (BLS definition) financial advisors. No public ACV/pricing from greenboard was found, so a grounded bottom‑up SAM (count × ACV) and a near‑term SOM cannot be computed from published data.
- Financial Industry Regulatory Authority (FINRA) — Key Statistics ↗FINRA is a securities industry organization for member broker-dealers that is responsible under federal law for supervising our member firms. FINRA regulates over 3,400 U.S. securities firms. · United States
- U.S. Government Accountability Office (GAO) — Securities Regulation: SEC's Oversight of the Financial Industry Regulatory Authority (GAO-25-107723) ↗FINRA is a securities industry organization that regulates more than 3,300 securities firms doing business with the public in the U.S. · United States
- AdvisorOS — 2026 State of Financial Advisors ↗There are 113,816 registered financial advisors across 36,846 firms in the U.S. · United States
- U.S. Bureau of Labor Statistics — Personal Financial Advisors ↗Approximately 330,300 personal financial advisors employed in the country as of March 2024. · United States
- Count of SEC/FINRA‑regulated broker‑dealers (addressable firms in primary regulated channel)3,300–3,400+ firms (per GAO 2024 and FINRA statistics 2025)GAO (2024) https://www.gao.gov/products/gao-25-107723; FINRA (2025) https://www.finra.org/media-center/statistics
- Count of registered financial advisors / RIA firms (secondary addressable channel)113,816 registered advisors across 36,846 firms (AdvisorOS, Apr 2026); BLS reports ~330,300 personal financial advisors (Mar 2024)AdvisorOS 2026 https://www.theadvisoros.com/research/state-of-advisors-2026; BLS 2024 https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm
- Company annual contract value (ACV) / pricingNot publicly disclosed — no grounded ACV found in provided sourcesgreenboard pricing not published (company site/pricing not available)
- Reason for SAM being nullBottom‑up SAM requires a grounded ACV (company pricing) to convert counts to USD; since ACV is not publicly available, SAM is not computed.This sizing exercise — requirement to use grounded, published pricing or explicit company pricing
- No published U.S. dollar TAM specifically for SEC/FINRA compliance software (vendor/software revenue) was found in the provided sources; available figures are counts of regulated firms or broad B2B SaaS market estimates (the latter were not attributable to a specific, citable URL in the provided material).
- SAM not computed because greenboard's ACV/pricing was not publicly available in the reviewed sources; bottom‑up SAM requires grounded ACV.
- TAM is reported here as counts of regulated entities (firms/advisors). Counts are a useful demand proxy but are not directly convertible to software revenue without ACV or penetration assumptions.
- Source years vary (FINRA/GAO 2024–2025; AdvisorOS 2026; BLS 2024).
- SOM not estimated because there is no grounded SAM and an obtainable‑share assumption would be speculative without published ACV or clearer traction benchmarks beyond the stated number of customers.
Competitors
Top 5Fragmented between AI-native unified platforms and legacy enterprise specialists; competitors split by RIA-focused tools, workflow platforms, and analytics incumbents. Greenboard sits as an AI-first unified alternative targeting mid-to-large regulated firms.
- Hadriushadrius.com ↗Enterprise SEC/FINRA suite (marketing reviews, e‑communications, personal trading). Greenboard differentiates with AI-native automation and UX; Hadrius wins on breadth and mature features.
- Skematicskematic.com ↗Workflow-driven compliance platform unifying policies, tasks and reporting. Greenboard emphasizes AI-native automation and UX; Skematic competes on deep workflow integration and configurability.
- Luthorluthor.ai ↗SEC compliance for RIAs/fintech (filings, archiving, ad review, cybersecurity). Greenboard competes with AI-native unification; Luthor wins on RIA-focused feature bundling and go-to-market.
- ComplyScicomply.com ↗Employee compliance and conflict monitoring for large institutions with strong consulting. Greenboard offers AI-native unified automation; ComplySci wins on enterprise scale and trust.
- SmartRIAsmart-ria.com ↗Pre‑configured SEC/FINRA compliance automation for RIAs, scalable across offices. Greenboard counters with AI-native unification and superior UX; SmartRIA wins on quick deployment and configurability.
Funding
- Seed$4.5 million2024Base10 Partners leadFortune ↗
- Series A$15.5MMay 12, 2026Base10 Partners leadY CombinatorGeneral CatalystWayfinder VenturesCommerce VenturesTranspose PlatformLiquid2 VenturesKulveer Taggarstrategic industry investorsBusiness Wire ↗
Greenboard's most recent disclosed round is a $15.5M Series A led by Base10 Partners (May 12, 2026). Public coverage also records a $4.5M seed in 2024; PitchBook lists total funding of $20.5M, slightly above the $20.0M itemized in press coverage.
- Press coverage and the company press release state total funding of $20.0M (15.5M Series A + prior $4.5M seed), while PitchBook lists total funding of $20.5M — the extra $0.5M is not itemized in the cited press pieces.
- Some aggregator entries (Crunchbase/Tracxn snippets included above) report differing counts/figures for rounds; only the Seed (2024, $4.5M) and the Series A (May 12, 2026, $15.5M) are explicitly documented in the provided texts.
- "Strategic industry investors" is referenced in the announcements but not named individually.
Momentum
- FundingMay 12, 2026Raised $20M in total funding, including a previously undisclosed $15.5M Series A led by Base10 PartnersBusiness Wire ↗
- LaunchMay 12, 2026Launched GreenboardGo, a conversational AI-native layer built on a firm’s compliance books and recordsBusiness Wire ↗
- MilestoneMay 13, 2026Reports the platform is serving more than 500 financial institutionsFinTech Global ↗
- FundingMay 2024Previously raised a $4.5M seed round (May 2024)Sci-Tech Today ↗
Coverage in May 2026 centers on a $15.5M Series A (part of $20M total) and the launch of GreenboardGo, while the company says it already serves 500+ financial institutions — a fundraising + product-launch cadence consistent with an accelerating go-to-market. Prior seed (May 2024) shows this is a recent, rapid ramp rather than long-term incumbency.
- Most reporting is clustered around the company press announcement and syndicated coverage in May 2026; customer counts and retention figures are company-reported in those pieces.
- Independent verification (regulatory filings, public customer contracts, or third-party audits) is not present in the cited items.
- Some outlets re-publish the same Business Wire text; available dated signals are concentrated in a short window (May 2026).
Customer Sentiment
10- Unified platform / single dashboardMultiple directory and product pages describe Greenboard as consolidating archiving, communications supervision, marketing review, vendor compliance, trade testing and books/records into one dashboard for audit readiness.“By integrating a variety of traditionally separate tools into a unified dashboard, it effectively oversees critical operations such as archiving, communication supervision, compliance processes at both organizational and individual levels, vendor compliance checks, marketing content evaluations, trade testing, and thorough record-keeping that is ready for audits.”TopBusinessSoftware ↗
- AI-driven risk detection ("Greenboard Go")The product includes an AI engine that connects to firm data and proactively scans for risks and compliance issues.“Its unique "Greenboard Go" AI engine connects seamlessly with all firm data to proactively spot risks, uncover compliance issues, and support the maintenance of consistent internal regulations.”TopBusinessSoftware ↗
- Communications archiving & searchable supervisionArchiving captures email, text, social and collaboration tools into a searchable archive and the AI scans communications for potential violations.“The archiving module captures email, text messages, social media, and collaboration tools in a searchable archive.”SourceForge ↗
- Audit-ready recordkeeping and version historyMarketing approvals, records and workflows are stored with version history and audit trails so firms can maintain exam-ready documentation.“The system checks materials against SEC advertising rules and firm guidelines, then stores approved materials with version history and audit trails.”Luthor Solutions ↗
- Automated employee attestationsThe platform automates annual and quarterly attestations (codes of ethics, personal trading disclosures, OBA) and sends reminders for deadlines.“Greenboard automates annual and quarterly attestations for codes of ethics, personal trading disclosures, and outside business activities.”Luthor Solutions ↗
- Vendor due-diligence & third-party trackingThere is a vendor management module to track third-party relationships, questionnaires, renewals and risk ratings.“The vendor management module tracks third-party relationships, due diligence questionnaires, contract renewals, and risk ratings.”Luthor Solutions ↗
- Security & compliance posture (SOC 2)Product pages state the platform is built with enterprise controls including role-based access and SOC2-Type II compliance to protect data privacy.“featuring role-based access controls, a strong data framework, and compliance with SOC2-Type 2 standards to safeguard data privacy and meet regulatory mandates.”SoftwareWorld ↗
- Bundled modules can force unnecessary spendReviewer/analyst commentary points out Greenboard bundles marketing review with other modules, which can cause firms that only need some functionality to pay for additional modules.“Greenboard bundles marketing review with vendor management and employee attestations, which can mean teams focused mainly on marketing pay for modules they rely on less often”Luthor Solutions ↗
- Opaque / custom enterprise pricingAt least one analyst note indicates pricing is custom and not published, which complicates procurement comparisons.“Greenboard requires custom enterprise pricing with no transparent rates”Luthor Solutions ↗
- Few or no listed integrations in directoriesOne product listing explicitly shows no integrations listed, which may be a limitation for firms wanting out-of-the-box connectors.“Integrations No integrations listed.”TopBusinessSoftware ↗
Public directory and analyst pages present Greenboard as an AI-first, unified SEC/FINRA compliance platform praised for consolidating archiving, communications supervision, marketing review, vendor due diligence, automated attestations and audit-ready recordkeeping; reviewers also note SOC2-Type II security and cloud hosting. Criticisms center on opaque/custom enterprise pricing, module bundling that can force extra spend, and few listed integrations.
- Most entries are product descriptions and analyst/directory pages rather than verified end-customer reviews or quantified ratings.
- One unrelated product named 'Greenboard' (a school ERP) appears in some review sites; those entries were excluded — some platforms conflate similarly named products.
- No explicit aggregate star scores or large volumes of user reviews for the SEC/FINRA-focused Greenboard were provided in the text, limiting ability to measure broad customer satisfaction.
AI Visibility
We ask ChatGPT WITH web search about the company and show its answers plus the sources it cited — the real AI-search experience. The key signal is share of voice: does the company come up when AI is asked about its space, not just when asked by name.
Models asked ChatGPT · web search
Accuracy of what AI said: Accurate — The direct answer aligns with the company's website and press releases — correct on positioning, founders, funding rounds, product features, GreenboardGo launch, and cited clients.
Greenboard is a New York-based company specializing in AI-native compliance software for financial institutions, focusing on SEC and FINRA regulations. (greenboard.com) Founded in 2023 by technologists Dave Feldman and Ed Schembor, the company aims to modernize compliance processes by integrating various functions into a unified platform. (greenboard.com)
In May 2024, Greenboard secured a $4.5 million seed funding round led by Base10 Partners, with participation from Y Combinator, General Catalyst, and others. (prnewswire.com) By May 2026, the company announced a total of $20 million in funding, including a $15.5 million Series A led by Base10 Partners. (greenboard.com)
Greenboard's platform offers a comprehensive suite of compliance tools, including communications archiving, employee compliance monitoring, marketing compliance automation, and firm compliance workflows. (greenboard.com) The company serves over 500 financial institutions, achieving a customer retention rate exceeding 99%. (greenboard.com)
In May 2026, Greenboard launched GreenboardGo, an AI-driven feature that provides employees with instant, policy-grounded compliance guidance, streamlining decision-making processes and enhancing operational efficiency. (greenboard.com)
Notable clients include Root Financial and JMG Financial Group, both of which have reported significant improvements in compliance operations and employee satisfaction after implementing Greenboard's solutions. (greenboard.com)
Here are some notable companies and products in the SEC and FINRA compliance space:
- Smartria: Offers automated SEC and FINRA compliance software tailored for registered investment advisors (RIAs). (smart-ria.com)
- Compliance Approved: Provides an all-in-one compliance platform featuring AI-powered marketing compliance review, ethics management, and audit-ready reporting. (complianceapproved.com)
- Capital Market Solutions: Delivers cloud-based regulatory reporting and surveillance solutions, including CAT and CAIS compliance tools. (capmarketsolutions.com)
- Continuum GRC: Offers a FedRAMP-authorized GRC platform with AI auditing capabilities for SEC, NFA, and FINRA compliance. (continuumgrc.com)
- DASH Regulatory Technologies: Provides DASH 360R, a comprehensive regulatory reporting portal for capital markets firms, covering SEC and FINRA compliance requirements. (dashregtech.com)
- OpenEDGAR: An open-source Python framework designed for analyzing SEC EDGAR filings, facilitating research and compliance analysis. (arxiv.org)
These companies and products offer a range of solutions to assist financial firms in meeting SEC and FINRA compliance requirements.
In the SEC and FINRA compliance space, several companies offer specialized solutions to assist financial firms in meeting regulatory requirements. Here are some notable providers:
Greenboard Announces $4.5M Seed Round from Base10 Partners to be "Rippling for financial compliance and operations" Greenboard An AI-native compliance platform that unifies various compliance workflows, including archiving, marketing compliance, and employee compliance. Greenboard emphasizes automation and user-friendly experiences to foster a culture of compliance within organizations. (greenboard.com)
RIA Compliance Software: Best Solutions For Investment Advisors | Luthor Smartria Designed specifically for Registered Investment Advisors (RIAs), Smartria offers automated compliance management solutions. Its features include marketing reviews, employee attestations, trade monitoring, and vendor management, all tailored to streamline compliance processes for firms of varying sizes. (smart-ria.com)
Clever Compliance Reviews 2026: Details, Pricing, & Features | G2 Compliance Approved This all-in-one compliance platform provides AI-powered marketing compliance reviews, ethics management, employee training, and policy libraries. Compliance Approved aims to centralize compliance workflows, ensuring firms remain audit-ready with comprehensive tracking and reporting tools. (complianceapproved.com)
Dash Brand Style Guidelines | Dash DASH Regulatory Technologies DASH 360R is a regulatory compliance solution tailored for broker-dealers and financial institutions. It automates complex compliance and reporting requirements, offering support for SEC and FINRA rules, including Net Capital Rule (SEC 15c3-1) and Customer Protection Rule (SEC 15c3-3). (dashregtech.com)
These companies provide comprehensive tools to help financial institutions navigate the complexities of SEC and FINRA compliance, enhancing efficiency and ensuring adherence to regulatory standards.
The assistant surfaced Greenboard when asked for recommendations (strong visibility) and its direct description closely matches the provided company profile, so the AI output appears reliable for high-level diligence. Verify company-reported metrics (customers, retention) and funding/term details from primary sources before investment decisions.
- AI outputs can vary between runs; visibility and phrasing may change on repeat queries.
- The assistant likely relied on the company's website and press releases — such sources can repeat company claims without independent verification.
- Verify funding amounts, investor participation, and client counts from primary documents (investor statements, SEC filings, or direct references).
- Early-stage company facts can evolve quickly; re-check timelines and product claims before relying on them.
Risks & Red Flags
No material public risk signals found. An absence of public concerns isn’t a clean bill of health — early or private companies may simply not generate coverage.
Public absence of reports does not guarantee no issues exist; confidential or private settlements, ongoing non-public investigations, or recent events not yet reported could be omitted from public records.
Early-stage or privately-held B2B SaaS firms often have limited public visibility; lack of coverage may reflect low public profile rather than operational or compliance health.
If deeper assurance is required, request customer references, SOC/ISO/compliance certifications, and disclosures from the company about any legal or regulatory matters.
Compiled by AlgoTurk from public web sources · . Not investment advice.