Richmond’s Strategic Risk Associates, a provider of financial services and insurance industry software, said Tuesday it has raised $12 million in a Series B round.
The round was led by an affiliate of Arlington’s EJF Capital, New York’s Jam Fintop and Nashville, Tennessee’s Fintop Capital. Richmond’s Atlantic Union Bankshares Corp., a longtime client of SRA, and other existing investors also participated.
SRA said the funding will allow it to continue to “work at scale” with its Watchtower software-as-a-service platform, which aggregates and integrates risk and performance indicators on a continuous basis. The raise will also allow it to expand its offerings to support fintech and digital asset risk management, the company said.
SRA, founded in 2008 and led by former Crestar and SunTrust Bank exec Michael Glotz, said its clients include hundreds of financial institutions across the U.S. and that its products will help them contend with the regulatory environment and…
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