Dutch scaleup Slimmer AI that combats financial crime secures €4M funding

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Slimmer AI, the Dutch AI startup has recently secured €4 million from a group of long-term strategic investors and experienced fintech entrepreneurs. Its investors include a number of international family offices and experienced tech entrepreneurs including Daniel Ropers (co-founder and former CEO of bol.com), Adriaan Mol (founder of Mollie Payments and co-founder of MessageBird) and Maikel Lobbezoo (former Head of Growth at Adyen).

In the current times, credit risk and fraud are major cost items for companies and over €30 billion is laundered due to the same every week across the world. Though policymakers have tightened regulations over the past two decades, the outdated technology deployed to detect suspicious transactions failed to keep up with the same.

This demands financial institutions to increase hiring to keep up with tightening regulations. Given that each report requires an intensive research, over 99% of the cases flagged are false claims, thereby being ineffective in preventing financial crimes. This is where Slimmer comes to play as it aims to eliminating false reports.

Accelerate the development of Sentinels

The Amsterdam/Groningen is a scaleup with over 10 years of experience in the industry of applied AI software solutions. Slimmer AI will use the investment to accelerate the development of Sentinels, the anti-money laundering, fraud and credit risk software solution. Basically, Sentinels uses Artificial Intelligence to combat financial crimes and has screened financial transactions worth €20 billion since it went live in October last year.

Slimmer AI CEO JC Heyneke is pleased with the investment: “The fight against financial crime continues to be a top priority for both governments and financial institutions, especially with the current rapid increase in online transactions and merchants. The access to additional capital, as well as the expertise and experience of our investors, will allow us to rapidly scale up.”

Uses AI and machine learning

Slimmer AI uses Artificial Intelligence and machine learning and has developed Sentinels, which is an intuitive workflow solution that eliminates false reports and lets experts focus on the most complex financial crime cases.

- A message from our partner -

“Sentinels harnesses an AI-driven approach to fight financial crime for payment providers, fintechs and other financial institutions. Thanks to the additional investment we can accelerate our work on applying AI to smart alert generation, network analysis and investigations by working with the best minds in Machine Learning” added Joost van Houten, business owner of Sentinels.

Main image picture credits: Slimmer AI

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