Bleckwen, which leverages real-time behavioural analytics platform to detect fraud in payments, has come out from stealth, revealing the close of a $10m funding round.
Proceeds of the investment have been earmarked for international expansion and the further development of its AI-based anti-fraud software capabilities.
Paris-based venture capital firm Ring Capital led the round, with existing investors TempoCap, Bpifrance, and Ineo also contributing to the round.
Founded in 2016, the RegTech startup uses real-time, dynamic behavioural analytics and explainable AI engine to detect emerging fraud threats in payments. The platform helps to protect banks from threats of open banking, which is removing their control of end-to-end user experience.
The French RegTech startup offers strong response to payment fraud (B2B, B2C, and P2P), fraud on credit applications, AML, and insurance fraud.
Bleckwen CEO David Christie said, “Working very closely with our customers, which include a tier-1 global bank, we have developed a market-leading, payment-type agnostic, real-time capability to meet their fraud detection and prevention requirements at industrial scale.
“Bleckwen’s software can also dynamically adapt to ever-changing customer behaviours and profiles. We have also significantly strengthened our senior management team and operational infrastructure and will be opening offices in the UK and the US in 2019.”
Ring Capital is growth private equity management firm which is currently investing a €165m fund. The vehicle will look to make minority investments of €1m to €15m over the next four years, into digital scaleups.