Continuity Engine Expands Presence with New Round of Funding and Partnership
Compliance vendor closes funding and adds community banking association to fast growing online community
NEW HAVEN, Conn., Aug. 5, 2009 – Continuity Engine, the creator of an on-demand platform that offers solutions to the regulatory compliance process for community financial institutions, recently announced the closing of its oversubscribed funding round with the addition of a $500,000 investment from First Round Capital. This closes the round at $1.9 million from Connecticut Innovations, First Round Capital, Launch Capital and a series of notable angel investors, including Mike Nicastro, who will be serving on the board of directors. Continuity Engine is introducing a new way for financial institutions to share best practices and using that information to simplify the compliance process. This effort is now not only supported by investments, but also a partnership with the Independent Community Bankers of Minnesota (ICBM).
“First Round Capital represents the best of a new wave of venture firms and I’m thrilled that they see the same great opportunity with Continuity Engine that we do,” said Andy Greenawalt, founder and CEO of Continuity Engine.
Continuity Engine has also partnered with the ICBM to bring the concept of crowdsourcing to the banking industry. By leveraging the power of social media and the crowd, ICBM members will interact, share, answer each other’s questions and get work done through online collaboration.
“Within Continuity Engine’s Control platform, bankers can organize and work on issues together,” said Jim Kisch, CSO of Continuity Engine. “One of the ways banks and credit unions are organizing is by state and the ICBM is leading the way. The ICBM has led the independent community banks of Minnesota with its efforts in the state legislature, publications, investments in training and innovative technology programs. This year the ICBM is taking another pioneering step and will be the first bank trade association to host a comprehensive online forum for bankers to discuss relevant topics, share policies and procedures and meet and socialize with other bankers.”
“We have been helping independent community bankers work together for nearly 50 years and now they can do it online,” said Doug Krukowski, COO of ICBM. “Folks have already begun to sharing, working together and setting up groups around common needs.”
About Continuity Engine
Founded in 2008 by Software as a Service (SaaS), banking and compliance veterans, the company has pioneered the use of collaboration and social networking among banks and credit unions to create business continuity solutions that manage policies, procedures and audit programs. Continuity Engine provides an innovative, on-demand platform for regulatory compliance, Control, that dramatically simplifies operations and can be understood by every employee of a financial institution.
For more information visit www.continuity.net.
CONTACT:
Nneka Egwuatu
Media contact for Continuity Engine
678.781.7229