RegTech startup FrankieOne pursues international growth with Series A funding

FrankieOne, a dashboard that helps banks and FinTechs improve KYC and AML compliance, has reportedly raised $20m in its Series A round.

AirTree Ventures and Greycroft served as the lead investors, according to a report from ITWire. Other commitments came from 20VC, Reinventure, Tidal Ventures, Apex Capital and Mantis VC.

Several angel investors also committed capital to the round, including The Chainsmokers, Robinhood founder and CEO Vlad Tenev and Monzo founder Tom Blomfield.

With this capital injection, the company hopes to bolster its international expansion efforts.

FrankieOne is a unified onboarding and fraud prevention platform, that helps banks and FinTechs improve decision making through a single API and dashboard to manage AML, KYC and fraud.

Its cloud-native end-to-end platform automates data capture and decisioning for customer acquisition and ongoing monitoring. The platform can handle the orchestration of third-party tools for biometrics, KYC, KYB, AML and fraud tools.

FrankieOne CEO Simon Costello told ITWire, “With the threat of severe penalties if customer onboarding is not performed correctly, the primary focus for banks and FinTechs has been on compliance, which usually comes at the detriment of the customer experience. What we have learned is that it does not need to be one or the other,”.

“Regulatory and technical challenges are often a major roadblock in a FinTech’s ability to rapidly scale internationally. Our mission is to create a platform that provides FinTechs with the convenience of consuming the world’s identity verification and fraud-prevention services via a single unified API. This allows FinTechs to ‘switch on’ geographies and services as they need, enabling them to focus on innovation and their core business.”

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