Scott Purcell is in the perfect position to comment on the current state of the crowdfunding industry. As the founder and CEO of Fund America and CEO and Chief Trust Officer of Prime Trust, Mr. Purcell provides escrow services, custody of accounts state clearing, document esign tools, broker-dealer execution and other back office services to portals and others engaging in technology-driven fundraising.
Mr. Purcell is a featured speaker at FundIt 2017, the crowdfunding, compliance, marketing and fintech conference taking place on June 1 and 2 at the Liaison Capitol Hill Hotel in Washington, D.C. He will participate in a wide-ranging fireside chat with SEC acting chairman Michael Piwowar, noted crowdfunding attorney Douglas Ellenoff, and Competitive Enterprise Institute senior fellow John Berlau.
And when you get people excited about a concept car or craft brewery, don’t treat it as a one-off, continue to educate them not only about that campaign, but about others along the same lines they might want to invest in too. (That is an area of disagreement among attorneys as to how much one can electronically match people with platforms, Mr. Purcell cautioned.)
Mr.Purcell said his companies Fund America and Prime Trust are both doing well. Fund America enables people to build its technology into their websites and platforms using APIs, embeddable apps and direct-use forms from Fund America’s site. They provide backend services including escrow, broker-dealer services, electronically-signed and stored investor subscription agreements, payment processing and background checks for anti-money laundering and PATRIOT Act compliance.
Prime Trust is a technology-driven trust company focusing on asset protection and private securities with a team well-versed in trust operations banking, securities regulations and governmental affairs.
The technology supporting the various capital raising initiatives needs to evolve with regulations and changing industry needs and Mr. Purcell said he will ensure his companies stay on the cutting edge.
“There’s always room for improvement. I have 10 full-time engineers on staff, not outsourced, who are constantly working on the technology.”
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