Venminder, a leading credit union and bank vendor management software and services firm, completed a $4m Series B led by Bain Capital Ventures.
The funding comes at a time of increased focus by regulators on vendor risk to ensure financial institutions maintain effective third-party management programs. As more financial institutions outsource critical functions to third parties, the task of managing risk factors becomes increasingly complex. Venminder is the perfect solution to organize, track, and report findings to Senior Management, the Board of Directors and, ultimately the examining bodies. It is a “must have” answer to meeting increasing regulatory requirements. “While financial institutions cannot outsource ownership of vendor risk, they can outsource the tactical work of assessing the risk,” said Dana Bowers, Venminder’s CEO and Founder.