Credentials management startup CredShare has raised $2.7 million as it looks to transform the compliance landscape for exchanging credentials.
The round came from a series of high net worth investors as well as ASX-listed Touch Ventures and Ellerston Capital to give the venture a valuation of $14 million.
It comes as the regtech startup prepares to launch the next evolution of its platform, which will eliminate the need to share and store sensitive information contained within credentials.
CredShare is a digital platform used to manage credentials, from university degrees, to RSAs, and vaccine certificates in one secure location.
CEO Andrew McMillan said it differs from traditional digital wallets by returning data control to a users credentials how they want and when they want.
“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,” he said.
“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.”
The Credshare 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 startup is building a scalable platform for the highly secure, frictionless exchange of information between issuers, holders and receivers of credential information.
McMillan said the app gives people better access to employment, travel, finance, insurance and more by making it easier to manage the credentials needed.
Dashboard functionality for employers enables real time compliance checks and notifications of when documentation expires.
CredShare CTO Oscar Omegna said they’re not just another RegTech creating compliance forms.
“We are passionate about building a solution that will, over time, genuinely improve your information security while making admin and compliance far less painful – perhaps even pleasant. We are fun, we are nimble and we are data driven, and we think we are building the most impactful RegTech solution in the world.”
McMillan said CredShare currently services a number of Australian businesses on a subscription-based model and is seeking beta testing participants ahead of its March general release. More details at registerbeta.credshare.