“The turnaround on everything compliance is much much faster, can get it done ASAP instead of being a whole project” - Tim Blanchard, HR and Compliance Manager at Mainvest
Continuous compliance for firms regulated by the SEC or FINRA involves a comprehensive range of reviews, filings, and ongoing monitoring throughout the organization. This typically requires a substantial investment of time and can be demanding, regardless of a firm's size. Ensuring your firm's compliance, while also managing it efficiently, is crucial for achieving the company's overarching objectives.
In this article, we break down how Mainvest, a fintech company that allows the individuals to invest directly into local small businesses while providing access to capital on friendly terms for entrepreneurs, approached this problem and how Hadrius has been an instrumental part of the solution.
What is Mainvest and what brought them to Hadrius?
Mainvest is an investment platform that allows individuals to invest in local small businesses while providing those businesses with the ability to raise money from their community. Since 2018, Mainvest has enabled businesses to raise over $30m from thousands of investors, and has processed 100k+ repayments to those investors.
Mainvest is registered as a funding portal with the SEC, taking advantage of the JOBS Act in 2016 creating RegCF to offer regulation crowdfunding services to customers. With this designation comes ongoing compliance obligations they must meet.
When Mainvest first came to Hadrius, their top priority was to streamline their established compliance program, ensuring they continued to review and archive communications as required by regulators, but doing so as efficiently as possible to save time and money.
They had an existing provider, a well-known legacy communications review and compliance platform, but the software was horribly unintuitive, often requiring the help of an engineer on their team and taking away from important product development. On top of this, it was a faceless customer service experience with long waits and unhelpful advice.
They needed a solution that they knew was well-engineered, intuitive to use, would create significant time-savings, and would have strong customer service flexible to their needs.
How does Mainvest use Hadrius to run their compliance program?
When the team at Mainvest was looking for a compliance solution, they wanted a platform that was intuitive, efficient, and with excellent customer service. A platform that could dramatically reduce the time they spent on their current compliance process and they could rely on to scale with them.
“The turnaround on everything compliance is much much faster, can get it done asap vs being a whole project” - Tim Blanchard, HR and Compliance Manager at Mainvest
Hadrius started by working closely with Mainvest to replace their legacy electronic communications compliance software. Hadrius’s AI-powered communications review ensures far fewer false positives and catches violations that other software completely misses. The communication review module surfaces potential violations to the compliance team for their review, providing an AI-generated summary of the conversation with a note on the compliance violation, and handles archiving for channels from email to slack to social media from one interface.
“We’re spending 50-75% less time on communications compliance because of Hadrius.” - Tim Blanchard, HR and Compliance Manager at Mainvest
The Mainvest team had constant access to Hadrius’ compliance and product team throughout the onboarding process and continues to have that access free-of-charge to this day through a dedicated Slack channel. From product questions to upcoming compliance rules, Hadrius is there to be a resource and was there to ensure marketing emails from Sendgrid were captured as well as handling the full migration of archived communications from their legacy archive provider.
“Hadrius is incredibly intuitive and easy to use. The accessibility of customer service has been phenomenal.” - Tim Blanchard, HR and Compliance Manager at Mainvest
What impact has this partnership had on Mainvest?
The Mainvest team raves about Hadrius and the difference has been night and day. What previously took hours of effort has been reduced to a fraction of the time. Admins on the compliance team have an all-in-one view of the entire organization, where they can handle all these processes from one dashboard.
“Meeting our product needs as they come and building with us is big. Hadrius has been amazing.” - Tim Blanchard, HR and Compliance Manager at Mainvest
As they continue to scale, Hadrius is providing an all-in-one platform that will continue to cover their SEC and FINRA compliance needs at any size, growing with them while remaining flexible to their evolving requirements.
Ready to take your firm’s compliance up a notch?
Dozens of firms like Mainvest have streamlined their compliance program across their organization and rely on Hadrius to make it possible. Hadrius provides the only all-in-one SEC and FINRA compliance solution, and scales with your firm with AI-powered automations and 24/7 access to our compliance and product team. Request a demo here, or reach out to firstname.lastname@example.org if you have any questions!