Fintech startup Archive Intel secures $1M seed funding
Archive Intel, a fintech startup focused on communications archiving and compliance solutions for wealth firms, has reached a significant milestone.
The wealth tech provider announced Wednesday that it has raised $1 million through a seed funding round led by Social Leverage.
Social Leverage, an early-stage investment fund focused on technology companies, is headed by founder and managing partner Howard Lindzon, who expressed strong optimism for the startup.
“Archive Intel’s innovative solution addresses the long-overdue need for a financial communications storage and compliance software that meets both the multi-channel communication needs for advisors and SEC regulations,” Lindzon said in a statement.
Across the industry, firms have had to pay regulators a collective $2.7 billion in fines, in no small part because of shortfalls in their communications archiving tools. That includes stiff $50-million penalties levied by the SEC against both LPL and Ameriprise.
In February, the federal regulator announced a collective $81 million in civil penalties against 16 other firms, including Northwestern Mutual and Lincoln Financial, for “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.”
Archive Intel’s platform, which launched in mid-April, aims to address the need for improved compliance solutions by providing seamless, multi-channel communication archiving and analysis for financial services firms.
“We are thrilled to have Social Leverage onboard with our mission,” said Larry Shumbres, serial technology entrepreneur and the firm’s CEO. “This funding will enable us to enhance our AI capabilities, broaden our communications connections, and bolster resources to support our growth.”
The company’s platform already supports archiving and compliance for Outlook, Gmail, Twitter/X, Facebook, Zoom Phone SMS, Microsoft Teams, RingCentral, and other platforms.
The platform is broadening that multi-channel footprint to include iMessage connectivity, enhancing financial advisors’ ability to use this popular messaging tool while meeting regulatory standards.
“A significant portion of the industry’s fines stems from improper archiving of iMessage communications,” Shea Werner, chief revenue officer of Archive Intel.
“With seamless iMessage integration, advisors can now compliantly utilize one of the most widely used communication methods without necessitating additional apps or phone number changes,” he said.
