China-based anti-fraud solution Advance.AI has reportedly collected $50m in its Series B+ round.
Commitments to the equity funding came from Vision Capital, GSR Ventures, Zhen Fund, Farallon Capital Management, Provident Capital and Northstar Group, according to an article by China Money Network.
The company utilises AI and big data to create anti-fraud solutions to help financial institutions protect consumers. The company implements facial recognition technology to counter identity fraud, as well as authentication processes to determine an individual track record and behaviour.
Advance.AI aims to build a smart portrait of consumers which creates a profile for consumers based on their personal background, income and other details. Machine learning then cross-references to this information through interactions with the consumer, to identify any outliers or fraudulent attempts.
Following this burst of funding, the company will look to further its international expansion, as well as continue development of Invested Asia, its cross-border USD wealth management service, the article said.
China FinTech sector as a whole is a huge market, with the country seeing $2.4bn deployed in funding last year. However, the RegTech space has yet to really kick-off, with only $14.8m being invested into the space last year, according to data by?RegTech Analyst.
There have been a number of RegTech companies to receive investments this year, with the most?recent being cloud identity service platform IDsManager.?The company raised an undisclosed Series A from Fortune Capital and Qiming Venture Partners last month.
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