UK's Innerworks lands €3.4M to protect financial services from fraud, bots, and sanctioned actors

This UK company, pioneering Synthetic Threat Intelligence (STI) to protect financial services, raises investment from prominent backers. Check out their plans.  

London-based Innerworks, a cybersecurity startup, has secured $4M (approximately €3.4M) in a seed funding round led by AlbionVC.

AlbionVC supports visionary founders and technologies with long-term capital and scale-up know-how.

AlbionVC is the technology investment arm of Albion Capital Group, which is authorised and regulated by the Financial Conduct Authority.

We invested in Innerworks because they’re not incrementally improving fraud detection, they’re fundamentally reimagining it,” says Cat McDonald, Partner at AlbionVC. “Their ability to detect what other systems miss represents an essential new security layer for the financial sector’s response to this new threat landscape.”

Digital Currency Group, Founders Capital, Firestreak Ventures (Walter Kortschak), NVTBL Ventures and Metaversal Ventures also participated in the round. 

Other top investors include Crypto.com (Cronos) and senior executives from Citi, UBS, Coinbase, Checkout.com and Apple.

Fund utilisation

The UK company plans to use the funding to accelerate product development, expand the RedTeam ecosystem, and scale its presence across global financial centres.

Currently, the company’s key priorities include expanding the platform’s adversarial training capabilities and building strategic partnerships with tier-one financial institutions that are taking an active approach to combat synthetic threats.

Innerworks: Combat sophisticated AI-powered fraud

Founded by Oliver Quie, Oscar Hayek, and Tom Ryan, Innerworks has developed technology to combat sophisticated AI-powered fraud that easily bypasses conventional security systems.

The company’s Synthetic Threat Intelligence protects financial services from fraud, bots, and sanctioned actors.

Its ethical hacking platform, RedTeam, continuously trains and improves detection models against the most advanced AI threats.

The UK company claims that its core product suite — bot detection, device fingerprinting, and geolocation intelligence outperforms the top five market leaders in accuracy.

Innerworks offers strong risk signals by analysing thousands of real-time data points.

It can be easily integrated with just a few lines of code, working behind any app or website without affecting the user experience.

Major companies in payments and digital assets have started using its technology, including Crypto.com (Cronos), Zero Shadow, which is investigating a $1.5 billion ByBit hack, and a well-known payments network with over 150 million users.

Innerworks claims to have achieved a 97 per cent detection rate against even the most sophisticated AI threats.

“We’re facing AI-powered deception that can mimic legitimate users with frightening accuracy,” says Oliver Quie, CEO. “Existing security companies have become obsolete because they assume threats will behave differently from legitimate users. Our platform solves this problem using Synthetic Threat Intelligence and decentralised training to defend against even the most sophisticated AI-based attacks”. 

Quie concludes, “Having now proven our approach alongside global brands, we feel Innerworks is well positioned to become core security infrastructure for the wider internet helping to protect user ecosystems online.