Resistant AI, a company leveraging AI and machine learning to secure financial services from financial crime, has declared the expansion of its Series A funding.
This round amasses to a notable $27.6m, with Notion Capital injecting an extra $11m into the venture. This capital injection builds upon the pre-existing funding from notable investors including GV, Index Ventures, Credo Ventures, and Seedcamp.
An alarming 17% of bank statements, utility bills and paychecks utilised for lending applications and ‘know your customer’ (KYC) protocols globally are tampered with. Moreover, the UN posits that between 2-5% of the global GDP is laundered annually. In such a climate, Resistant AI utilises state-of-the-art machine learning techniques to safeguard financial firms from these burgeoning threats. The firm’s solutions detect anomalies in documents, transactions, and behaviours, providing a comprehensive view of each customer and potentially doubling the amount of detected threats.
The raised capital will further bolster Resistant AI’s expansion of its product, team, and geographical presence, in order to meet the surging demand from financial institutions seeking protection from malicious attacks. The company’s solutions, already protecting a slew of banks and FinTech companies, are designed to adapt as the criminals’ methods evolve, thus ensuring a robust shield against fraud.
Resistant AI’s solution portfolio extends across customers like Dun and Bradstreet, Payoneer, Habito, Planet42, and ComplyAdvantage. Their growing team, numbering over 80 individuals, operates out of offices in Prague, London, Brussels, and New York. The firm’s 2022 performance was particularly impressive, with a doubled customer base, 6x increase in ARR, 4x YoY rise in monthly usage and a host of awards under its belt.
Resistant AI’s CEO and founder, Martin Rehak said, “The transition from traditional finance to FinTech has brought creativity and opportunities for customers, but there has been an accompanying rise in criminals exploiting these new services. The old methods of fighting financial crime cannot keep up and Resistant AI’s unique application of machine learning successfully tackles these ever-changing threats.” He continued, “With this investment from Notion Capital we are able to build on this success and bring our solution to more institutions in the face of these increasingly pernicious threats.”
Kamil Mieczakowski, Principal at Notion Capital, echoed this sentiment, expressing the firm’s excitement to work with Resistant AI in meeting the rising demand for their comprehensive solution in the face of swiftly growing synthetic identity fraud.
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