Fourthline secures USD 54 million in funding round

Monday 3 April 2023 15:08 CET | News

Netherlands-based AI startup Fourthline has secured USD 54 million in funding round in order to offer customers improved ID check services in the finance industry.

Following this announcement, the company will use its set of AI-based services to improve the identification and verification procedure of clients, while helping businesses comply with anti-money laundering rules. Furthermore, the funds will be leveraged into the development of its technology. 

The valuation of the company is not disclosed at the moment. Currently, Fourthline has multiple users, including N26, Qonto, Trade Republic, FlatexDEGIRO, Scalable Capital, Western Union, and multiple marketplaces like Wish. 

While using computer vision, machine learning, and artificial intelligence, the organisation focuses on detecting fraudulent activities and eliminating them efficiently, fastly, and securely.  Its services cover multiple areas, like examining ID documents and files, checking records for a place of residence, verifying names against sanction lists, parsing biometric data, and more. 

Moreover, Fourthline aims to get more R&D resources while using this sum of money, to improve its products and offer its clients a safer and more seamless experience. 

The firm built its technology from the beginning while using its proprietary data set, prioritising the easier and more controlled way to modify and keep an eye on it. Fourthline uses its own OCR (optical character recognition) model, alongside multiple other tools designed to confirm if the information is authentic or not, along with the reason why the confirmation was or was not made. 

In the long run, Fourthline prioritises the focus on the importance of building its own technology with its engineers and employees, as well as the importance of tackling the compliance challenges present in the industry that customers, companies, or businesses might face and need support on. 

Netherlands-based AI startup Fourthline has secured USD 54 million in funding round in order to offer customers improved ID check services in the finance industry.

Fourthline’s products and services

Provider of AI-based digital technology, Fourthline provides its clients and users with multiple solutions

Customers can benefit from its suite of services that includes identity verification, proof of address, qualified electronic signature, as well as investigations and CDD reporting (all being part of the KYC onboarding process), as well as AML screening, re-KYC, and remediation, anti-financial crime, or account authentication (part of the company’s compliance lifecycle solution). 

For some of their tools, users need to upload an image of the documents they need to verify. These will be processed by an automatic data extraction from the Visual Inspector and Machine Readable zone, go through the company’s proprietary OCR algorithms, as well as an automated hologram and microprint verification, tampering, counterfeit, and paper copy detection, with real-time feedback given back to the client in order to improve the quality of the photography. 

Fourthline covers multiple industries and markets, offering its services to banks, neobanks, and neobroker. 

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Keywords: funding, artificial intelligence, machine learning, fraud management, fraud detection, fraud prevention, identity theft, identity verification, identity fraud, digital identity, digital verification
Categories: Fraud & Financial Crime
Companies: Fourthline
Countries: Netherlands
This article is part of category

Fraud & Financial Crime


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