We are excited to share that Cable is Stage 2’s newest portfolio company! We led Cable’s $11M Series A alongside our friends at Jump Capital and CRV (who led Cable’s Seed round). You can read more in Cable’s announcement here.
Cable is building the critical tools our financial system needs to thrive in 2023 and beyond. With the explosion of FinTech innovation over the past ~15 years, the infrastructure across financial applications, chartered banking institutions, regulators, and individual consumers has become far more complex and interdependent. And, as we’ve seen recently with the collapse of SVB and First Republic, or in separate consent orders from the OCC to Blue Ridge and the FDIC to Cross River, the pace of change continues to accelerate.
Despite all of this, the tools our institutions use to understand multi-layered risk and to guard against financial crime are the same as they ever were. To this day, the best tool many companies have to answer these questions is a manual audit of a small portion of accounts, undertaken once or twice a year, on a retrospective basis. As a result, banks don’t always understand the risk they’re taking on, or whether fraud prevention tactics are doing the job they claim to.
Cable fundamentally changes how this all works. With real-time, intelligent, interconnected software, Cable provides automated quality and risk assurance. Cable customers have live insight into what is happening with regards to controls, potential fraud, and risk, across all of their programs and products, so that they can make decisions and head off issues before they become a problem. We think it’s hard to imagine a world where this is not the standard in 5-10 years.
All of that brings us to the most exciting part of our investment in Cable — CEO/Founder Natasha Vernier, CPO/Founder Katie Savitz, and the fantastic team they have built. Natasha and Katie have deep backgrounds and experience in solving these issues, having run fraud and compliance teams at Monzo and Square. Even more than their backgrounds, we were impressed by their thoughtfulness, vision, objectivity, and emphasis on building a great culture. Anyone who reads Cable’s Operating System will quickly understand what we’re talking about. Moreover, anyone who spends time with them will realize that this isn’t just a blog post they threw out onto the Internet, but a representation of how they build and run Cable every day. This team is a critical part of why we think Cable will become such an exciting and uncommon company.
If you’re as excited about Cable as we are, then we have good news for you — they are hiring!