Amsterdam-based Fourthline (previously Safened), a startup that provides AI-powered and compliant KYC and AML solutions, announced on Monday that it has raised €50M from Finch Capital and other new and existing investors.
Fourthline says it will use the funds to become the ‘undisputed tech platform of choice’ to alleviate the compliance burden for European-regulated institutions.
Krik Gunning, co-founder and CEO says, “We are on a mission to help regulated entities fight ever more complex financial crime. The huge leaps forward in technology over the last decade have been a double-edged sword: while consumers benefit from easier and quicker access to banking products, the nefarious actors have leveraged technologies such as deep fakes and social engineering such as money mules to increase the sophistication of their fraudulence.”
Fourthline: Fights financial crime
Founded by Krik Gunning and Chris van Straeten in 2018, Fourthline helps banks and fintechs by verifying the identity of thousands of new customers.