Bleckwen, the Paris-based startup and cybersecurity firm developing fraud detection and prevention systems for banks and financial technology companies, jumped high with $10 million in a funding round led by Ring Capital.
Its newly appointed CEO David Christie said the round, which included participation from TempoCap, Bpifrance, and Ineo, will help the company’s international expansion and continued software development.
Christie is a 20-year financial services experienced corporate professional, who previously served as COO of U.S. payments provider Euronet’s money transfer business. He said, “Nearly $4 trillion is stolen and laundered through banks annually, and existing technologies are just not cutting it in the fight against this scourge of society. Something else needs to be done, and at Bleckwen we have made tremendous progress … developing solutions to bring the fight to these criminals.”
Bleckwen’s AI-powered behavioral analytic platform
Bleckwen is an AI cybersecurity company and offers a behavioral analytics platform powered by AI, machine learning, and heuristics to spot glitches like authorized push payments, a form of real-time fraud involving social engineering.
It integrates with a diverse range of client databases, which enables it to eliminate illicit credit and insurance applications by scoring customer requests. The platform boasts built-in case sharing tools that aim to furnish human fraud investigators with helpful context.
Bleckwen’s encrypted solution runs on public cloud platforms including AWS, Microsoft Azure, and Google Cloud Platform, or in on-premises containerized Docker and OpenStack environments.
According to Bleckwen, it’s fully compliant with GDPR (the European Union law on data protection and privacy).
As part of the investment, TempoCap partner and chair Matt Knowles was appointed chair of Bleckwen’s board. He believes that despite the aggressive corporate competition in the security industry, this latest capital infusion positions the startup for growth.
“Having cofounded and scaled an international payments company that processed $20 billion annually, I have deep experience of the challenges faced by both fintechs and banks in the domain of fraud detection and AML,” said Knowles. He further added, “I have been deeply impressed by Bleckwen’s advanced use of ML technology to radically increase fraud detection over current solutions, but — as importantly — substantially reduce the volume of false positives (which build friction and cost into the customer journey). We see significant potential to commercialize this technology across banks [and] financial tech companies … to help combat fraud risk across all payment types, as well as combat[ing] AML risk.”