Resistant AI extends Series A to $27.6m as fincrime threat grows for banks and fintechs
Demand is increasing from fintechs and financial institutions to tackle automated attacks.
ResistantAI, a startup helping banks and fintechs combat financial crime, has extended its Series A to $27.6m, with $11m of new funding from Notion Capital.
The company, which says it is growing rapidly, was founded in Prague in 2019 by the team behind Cognitive Security, which was sold to Cisco in 2013.
Resistant AI’s platform searches for anomalies in documents, transactions, and digital behaviours to detect threats.
More specifically, this means analysing bank statements, utility bills, payslips, and other digital KYC documents for signs of forgery or fraud during onboarding as well as ongoing monitoring of transactions and digital identity ‘footprints’.
Customers include Dun and Bradstreet, Payoneer, Habito, Planet42 and ComplyAdvantage. The company now has over 80 team members working across offices in Prague, London, Brussels, and New York.
Martin Rehak, CEO and Founder of Resistant AI, says fraudsters and financial criminals are now using the latest generative AI tools, prompting soaring demand for the company’s services among fintechs and other financial services companies.
“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,” said Rehak.
Notion, a venture capital focussed on the cloud computing and Software-as-as-Service (SaaS) markets, joins GV, Index Ventures, Credo Ventures, and Seedcamp as investors in Resistant AI.
“Security and fintech are two of the largest areas of focus for Notion and we love how the Resistant AI proposition ties them together. Synthetic identity fraud has been named the fastest growing financial crime in the US, with $6bn in total losses to the banking sector in 2021 alone, and the Resistant AI product is the only comprehensive solution out there that moves as fast as the fraudsters do,” said Kamil Mieczakowski, Principal at Notion Capital said.