AI-based fraud detection startup Bleckwen raises $10m

AI-based fraud detection startup Bleckwen raises $10m

Bleckwen, a provider of AI-based real-time analytics software for payments fraud detection and prevention, has emerged from stealth with a $10 million funding round led by Ring Capital and TempoCap.

Founded in 2016 as part of French cybersecurity firm Ercom, Bleckwen was spun out early this year, building up real-time explainable AI-based systems focused on anti-money laundering and counter-terrorism financing.

The firm has picked up some buzz, recently beating out competition from 15 cutting-edge fintech startups to be named the 2019 EBAday Fintech Zone best in show winner.

It now plans to use the new funding to further develop its software and to push international expansion as it looks to sign up bank, fintech and corporate clients.

Matt Knowles, TempoCap partner and Bleckwen chairman, says: "I have been deeply impressed by Bleckwen's advanced use of ML technology to radically increase fraud detection over current solutions but as importantly substantially reduce the volume of false positives (which build friction and cost into the customer journey).

"We see significant potential to commercialise this technology across banks, fintechs and MNEs to help combat fraud risk across all payment types as well as combat AML risk."

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