European Regtech Fourthline has raised €50m from Finch Capital and other new and previous investors.
The Fourthline AI-based platform provides banks and financial services providers with a complete suite of proprietary tech products that adhere to local KYC, AML and GDPR requirements in Europe. Fourthline verifies millions of new customers annually, performing around 200 checks that automatically examine ID documents, biometric data, current residence, and worldwide sanction lists, among others.
Since its launch in 2018, the company has grown more than 80% yearly and now employs over 270 people across The Netherlands, France, Spain and The UK. Its client list includes N26, Trade Republic, Qonto, Scalable Capital, Solaris and Western Union.
Krik Gunning, co-founder and CEO, says: “In order to hold back the tide of financial crime, a raft of KYC, AML and anti-fraud technologies have been developed. Simultaneously, legislators have tried to keep up, which has increased the regulatory burden on companies. However, a lot of RegTech point-solutions do not truly alleviate the compliance burden on regulated entities as evidenced by the thousands of employees performing manual checks at banks that have deployed point solutions. At Fourthline, we provide financial institutions with a single, banking-grade solution for continuous, ‘lifetime’ financial compliance."