Australian startup CredShare has raised a further circa $2.7 million while unveiling the next evolution of its credentials platform.
The funding round includes high net worth investors including Touch Ventures Limited and Ellerston Capital and capitalises the startup at $14 million.
The funding injection comes as CredShare is set to launch the next evolution of its platform, designed 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.
This aims to eliminate the need to share and store sensitive information contained within credentials, returning authority to the individual.
At present, the CredShare app gives full control of credentials to the businesses and individuals who hold them, by creating a secure flow of credential data.
It enables the secure exchange of data between issuers such as governments, banks and universities, institutions and employers, and individuals, such as employees or customers.
The service allows businesses to better manage 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 is also designed to enhance 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 distils 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. Furthermore, dashboard functionality for employers enables real time compliance checks and notifications of documentation expiries.
Privacy and security are at the centre of the Credshare exchange and it recently met the requirements for certification for ISO27001.
Overall, the business is focused on building a scalable platform for the secure, frictionless exchange of information between issuers, holders and receivers of credential information.
CredShare CEO Andrew McMillan says, “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.
CredShare CTO Oscar Omegna 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 - 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.
CredShare currently services a number of Australian businesses on a subscription-based service model and is seeking beta testing participants ahead of its March general release.