Greenboard raises $20M led by Base10 to scale AI-native SEC and FINRA compliance, ships GreenboardGo conversational layer

Greenboard, an AI-native securities-compliance platform serving more than 500 financial institutions with reported 99%+ customer retention, announced on May 12, 2026 that it has raised $20 million in total funding, a $15.5M Series A led by Base10 Partners, with existing investors Y Combinator, General Catalyst, Wayfinder Ventures, Commerce Ventures, Transpose Platform, Liquid2 Ventures, and angel Kulveer Taggar participating.

Alongside the funding, Greenboard launched GreenboardGo, a conversational AI layer built on top of a firm’s compliance books and records. GreenboardGo answers employee questions instantly, routes decisions to the right compliance specialist, and prepares compliance tasks for human review and sign-off. The product targets the workflows that have historically required manual coordination across compliance officers, business teams, and regulators.

The company was founded in 2023 by Dave Feldman and Ed Schembor. A strategic partnership with Kroll was announced separately, layering Greenboard into Kroll’s broader compliance services.

Why this matters

Securities compliance is one of the AI-vertical categories most likely to convert quickly: the rules are codified, the data is structured, the cost of getting it wrong is severe, and the existing workflows are clearly broken. Mid-size broker-dealers, RIAs, and asset managers are spending six-figure budgets on compliance staff to do work that is heavily document-bound and policy-driven, which is exactly the shape AI handles well.

The $20M Series A is not a frontier-lab number, but it is the right scale for a vertical-SaaS company that has already crossed 500 customers and 99%+ retention. What it buys:

• Faster GreenboardGo rollout to existing customers, where the conversational layer is the upsell path on top of the system-of-action core.
• Vertical depth into adjacent regulatory regimes (state regulators, OCC, FCA) beyond the SEC/FINRA core.
• Strategic-partner motion with Kroll and similar advisory firms, where the compliance-platform-plus-services bundle is the path into larger institutions.

The competitive context: Hadrius, Saifr, ComplyAdvantage, Hummingbird, and other AI-native compliance platforms are all chasing the same gap. The 500-customer base and the Y Combinator + Base10 + General Catalyst syndicate gives Greenboard credibility but not exclusivity. Differentiation will come down to two things, vertical-specific accuracy (does GreenboardGo cite the right CFR section?) and integration depth into the operating systems compliance officers actually use (Outlook, SharePoint, Salesforce, Bloomberg).

Buyer take

If you run compliance at an RIA, broker-dealer, or asset manager, three things to evaluate:

• The “ready for human sign-off” claim. GreenboardGo prepares tasks for review. Pilot one workflow, for example, OBAs (outside business activity) approvals or trade-pre-clearance, and measure how often the AI-prepared output is signed off without material edits. That is the real productivity gain, not the chatbot Q&A.
• The integration with your books and records. GreenboardGo only works if it has access to the firm’s compliance corpus. Plan the data-access scope, retention, and audit trail carefully. Sealed-PII flows in particular should be in the contract.
• Comparison with in-place vendors. If you run Salesforce Financial Services Cloud, MyComplianceOffice, ComplySci, or NICE Actimize, evaluate whether GreenboardGo replaces, sits beside, or augments the incumbent. Greenboard’s pitch is “system of action”, meaning task execution, not just monitoring, so the right comparison is at the workflow tier, not the alerting tier.

For Kroll and similar advisory firms, partnering with Greenboard rather than building in-house is a tell about the build-vs-partner economics of vertical AI compliance. Expect more advisory firms to ink similar deals over the next two quarters.

What is still unclear

Greenboard has not disclosed ARR, the gross-margin profile after model-inference costs, the GreenboardGo pricing model relative to the core platform, or the size of the engineering team. The Series A valuation is also not public. It is unclear whether GreenboardGo is built on Claude, GPT, Gemini, or a mix, and what the latency profile is for the routing-and-prep flows that compliance officers will run in their actual workday.