Carry x New Range
Discover how this high-growth fintech partnered with New Range to establish a robust compliance foundation for the establishment of its broker-dealer.
- 95% faster CAT and CAIS reviews with New Range
- 100% regulatory reporting supervision accuracy
- 10x more productive than legacy compliance solutions
Evan Cohen, Chief Compliance Officer at Carry
"New Range has been instrumental to our early success as a FINRA broker-dealer. It enables our team to 10x productivity while seamlessly mitigating risk."
About
Carry is an all-in-one fintech platform that helps business owners and high-net-worth individuals build wealth through tax-optimized retirement accounts, self-directed investing, alternative assets, and integrated tax filings. Since its inception in 2022, Carry has achieved nearly $2M in ARR and raised a $10M Series A led by Accomplice VC and dozens of angel investors, including Balaji Srinivasan and Sam Parr.
Challenge
Navigating the compliance complexities of a FINRA broker-dealer
Carry's powerful mission to democratize smart tax strategies quickly resonated with entrepreneurs, business owners, and professionals, helping the fintech rapidly grow in its first two years. As demand continued to spike, Carry sought to strengthen its SEC-registered advisory services with a FINRA broker-dealer registration. But while this move would empower clients to manage taxable brokerage and retirement accounts under one roof, it would also double the responsibilities of Chief Compliance Officer Evan Cohen.
Meeting both FINRA and SEC requirements would require Evan to maintain rigorous compliance oversight, file frequent regulatory reports, and uphold the highest reconciliation and supervisory standards. For most financial institutions, these processes typically require multiple compliance and reporting tools and a large back-office team.
Like many fintechs, Evan was eager to maintain both Carry's internal bandwidth and the stringent standards of a regulated technology company. He knew he needed to automate compliance flows using dedicated software tools. But he didn't want to settle for an old-school consulting firm that relied on manual, spreadsheet-based workflows and charged by the hour. Evan required a scalable, all-in-one tool that could:
Streamline CAT and CAIS management
As CCO, Evan would have a daily obligation to ensure that Carry's clearing broker correctly submitted the company's trade and customer account data to the audit trail. To mitigate risk and avoid audit surprises, he needed a solution that could deliver real-time, 360-degree visibility into all CAT and CAIS events and instantly flag any errors or discrepancies.
Automate quarterly and monthly compliance reporting
FINRA and the SEC would require Evan to file regular reports on all Carry's trade activities and supervisory actions. His ideal solution would automatically spin up audit-ready reports on everything from Best Execution reviews to trade reports without requiring any spreadsheets.
Evan initially vetted several solutions in the compliance space. After hearing multiple legacy vendors repeat the same standard compliance playbooks without tailoring their proposals to Carry's specific needs, he discovered New Range. The team's cutting-edge, tech-first approach and genuine interest in Carry's success were all the convincing he needed to move forward with the partnership.
"As a next-gen fintech, we try to work exclusively with innovative and like-minded partners. We chose New Range because its compliance platform was a refreshing disruption to all the old-school, pen-and-paper solutions on the market."
Solution
Full oversight, reduced risk, and a scalable compliance program
New Range quickly evolved into one of Evan's essential compliance tools, condensing the work of multiple teams and tools into a streamlined workflow. With a scalable compliance foundation, Carry can empower even more business owners and professionals with its savvy tax strategies.
With New Range, Carry:
- Spends 95% less time on CAT and CAIS reviews
- Automatically generates 100% accurate financial reports
- Works 10x more productively than with a legacy alternative
Looking ahead, Evan is excited to lean even further into the partnership. He's especially excited to see how New Range's automated reporting and AI help him prepare for future SEC and FINRA exams. If the early innings are any indication, Evan knows he's found a compliance partner he can trust for years to come.
"New Range has been dedicated to Carry's success from day one. They don't just treat us like another account in their CRM; they act like an extension of our team."