Resilient AI gets $ 16.6 million for its anti-fraud fintech tools

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Resilient AI, which uses artificial intelligence to help financial services companies fight fraud and financial crime – by selling tools to protect credit risk scoring models, payment systems, customer onboarding and more – closed a $ 16.6 million Series A financing.

GV (formerly Google Ventures) led the round, with participation from existing investors Index Ventures (led by partner Jan Hammer), Credo Ventures (led by Ondrej Bartos and Vladislav Jez) and Seedcamp, as well as several anonymous angel investors specializing in financial technology and security. .

The 2019 Prague-based startup says the funding will be used to meet growing demand from global financial institutions, including expanding its product, engineering and sales operations teams beyond its existing footprint. – which also includes offices in London and New York.

The startup told TechCrunch that 30 customers have signed up at this point to use its dedicated anti-fraud security products, which include machine learning detection of fraudulent documents and AI to spot problematic transaction patterns.

Collectively, his clients, which include banks, insurance companies and fintechs – he can’t name the biggest but names like KBC, Payoneer, Habito and Twisto – process tens of millions of transactions per month, has he also said, adding that in its home market, the Czech Republic, it now works with banks which have a combined market share of 50%.

To give a taste of the problem it is tackling, the startup says the assessment of the customer data it has acquired and reviewed indicates: 17% of bank statements used for loan applications, “Know Your Customer ‘and other purposes are falsified; 11% of UK payslips submitted as part of digital loan applications are altered or falsified; 15% of business registration certificates presented around the world when opening a bank account are fake; and 9% of utility bills submitted as proof of address worldwide are forged.

“Our mission is to create a smart shield for autonomous financial systems, to protect them against these ever-evolving and ever-smarter attacks,” added CEO Martin Rehak in a statement. “This is the only way to avoid epidemic fraud, mountains of manual reviews, and four-factor authentication on every online service.”

In a further supporting statement, Tom Hulme, General Partner at GV, said: “The founding team of Resistant AI has unique expertise in the application of AI and machine learning to detect behavior. complex and elusive. and reduce false alarms with transparent, explainable and verifiable detection models. “


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