Fourthline, an Amsterdam-based startup has developed an AI-based solution to help with identity verification, anti-money laundering compliance, and more. The company announced a €50 million ($54 million) funding round to expand the technology.
In five years since its launch, Fourthline's customers include N26, Qonto, Trade Republic, FlatexDEGIRO, Scalable Capital, NN, Western Union, and Wish.
The funding was led by Finch Capital and no other investors was disclosed. Founded in 2013, Fourthline spent five years building the technology before launching commercially in 2018.
While there is a lot of controversy around the potential or misuse of artificial intelligence, the problem Fourthline is addressing is one ideally suited to the potential of artificial intelligence in the best ways.
Fourthline's technology currently includes about 200 checks, covering areas such as examining ID documents, parsing biometric data, checking records for the place of residence, verifying names against sanction lists, and more. Some of these might be straightforward database checks, but others are moving targets of complexity.
Fourthline claims the approach can detect 60% more frauds with 99.98% accuracy. While startups are already helping fintech with compliance in areas such as KYC (Know Your Customer) regulations and identity verification, co-founder and CEO Krik Gunning, stated that the standard is to pursue a very different approach.
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