Inscribe secures USD 25 million to prevent financial fraud

Friday 27 January 2023 12:44 CET | News

Ireland-based company Inscribe has raised USD 25 million in the latest funding round to fight financial fraud with the help of its AI-powered document service.

Following this raise, the company will enable its customers to use its AI-powered products to prevent fraud and risks, as well as to offer its services to the operation teams in the fintech and finance industries. 

Using AI-powered fraud detection, the company is able to parse, classify and match the data of any financial onboarding documents and files, by highlighting any differences between the provided documents and the recovered ones. The service will automatically digitalise the details provided through the official onboarding documents (such as names, addresses, bank transactions, or online transactions) and will generate for each customer a risk profile that will include a snapshot of blank statements and transactions.  

The products based on artificial intelligence are used to produce risk intelligence solutions, so the customers and clients benefit from the possibility to save time on work that would have been done manually. 

The services are built in a package that detects fraud and online threats in real-time for their clients, but also automates processes and checks the genuineness of the credit or debit cards. 

As the process of digital transformation is developing in a fast manner, criminals find different ways to commit fraud. The services provided by Inscribe pull data from across their customer base to identify coordinated attacks and to emerge fraud trends faster and more efficiently. The new fund will enable the company to fight fraud and offer its clients the possibility to improve their customer experience and data security. 

Ireland-based company Inscribe has raised USD 25 million in the latest funding round to fight financial fraud with the help of its AI-powered document service.

Inscribe’s development strategy

Inscribe is a fintech company that uses multiple services, such as a combination of language processing products and computer vision solutions that scans documents sent to businesses, in order to catch and eliminate fraud. The types of fraudulent activity can be found in multiple areas of files, such as pay stubs tax forms, and band statements or transactions. Those can be flagged by computer vision because of their appearance since they might be resembling free online templates while using certain fonts or even certain typographies. 

The company announced the close of its USD 3 million funding round back in 2018. The fund was used to grow Inscribe and its solutions while opening its first office in Dublin. 

In 2021, Inscribe announced its plan to expand the teams in Dublin and San Francisco after raising more than USD 10 million in Series A funding

The latest funding will be used to increase staffing, to drive development and progress. According to the officials, Inscribe aims to double the size of its teams of 50 people over the next year, or a year and a half. 

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Keywords: funding, investment, fraud management, fraud prevention, digitalisation
Categories: Fraud & Financial Crime
Companies: Inscribe
Countries: Ireland
This article is part of category

Fraud & Financial Crime


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