Assure, the platform for Special Purpose Vehicles (SPVs), and satschel, a comprehensive compliance company that aims to modernize financial systems using Web3 technologies, announced a bilateral partnership to enhance “the financial infrastructure of private markets.”
Traditionally, private markets “are opaque, illiquid, and behave differently from public markets because they lack the same infrastructure.”
Leveraging Web3 technologies, the Assure-satschel partnership will aim to “offer clients class-defining transparency, liquidity, and therefore, a level of control previously unavailable to investors and capital raisers within private markets..”
Assure SPV customers will be the first “to leverage satschel’s automated Compliance Fabric, enabling them to onboard investors seamlessly with less friction, more automation, and higher accuracy.”
The process of KYC, AML, Accreditation (506b and 506c), signing docs, and sending funds can “take a week or more with other legacy systems, now can be done in under an hour, and in some cases, a matter of minutes.”
Eric Choi, co-founder and president of satschel, said:
“We are thrilled to partner with Assure, and begin offering private market participants a dramatically improved compliance experience. Our team developed proprietary technology to drive meaningful gains in productivity, accuracy, transparency and overall access to private markets. With Assure, we are demonstrating Web3’s potential to enhance value and experience, even for off-chain businesses, and bringing those benefits to what has traditionally been a very opaque market.”
Assure has made it its mission “to improve and digitize private markets via its SPV creation engine and platform, Glassboard.”
The partnership with satschel “marks the next evolution in modernizing these markets for the benefit of SPV investors.”
Katie Neilson, co-founder and president of Assure, remarked:
“The satschel team has a track record of building solutions on Web3 infrastructure designed to work in regulated environments that simultaneously solve for transparency and privacy. This partnership will provide SPV creators and their investors and regulators with more transparency, confidence, and peace of mind.”
As noted in the update, Assure is “a financial technology company and the … provider of comprehensive structuring and administrative services for the syndicate and venture investment community.”
The company’s innovative software platform “streamlines the setting up, closing and managing back-office fund administration for angel and private asset investing.”
Assure’s management claims that their experience and volume “significantly outpaces other fund administrators.”
Assure’s approach, which allows clients to structure and close deals faster, cheaper and with more transparency, “helped pave the way for the ascendance of the ;super angels,’ special purpose vehicles and micro VCs.”
The company has “worked with more than 1,400 clients, including Launch, Equity Zen, Republic, Forge, Tribeca Angels, Tech Coast Angels, Gaingels, and Miami Angels, structuring and closing more than 8,500 deals with over $9 billion in assets under administration.”
Assure offers “a full suite of services including special purpose vehicle administration, fund accounting and fund taxes, Exempt Reporting Advisor (ERA) services, KYC/AML services and 506(c) accreditation.”