Bleckwen, which offers fraud detection software for banks, has raised $10m in a funding round led by Paris-based venture capital firm Ring Capital.
Ring Capital co-founder Nicolas Celier said: “Bleckwen is uniquely positioned to help the fast-moving payments ecosystem improve clients’ protection and transaction efficiency, thanks to a leading-edge AI technology and experienced management.”
Ring was joined by existing backers TempoCap, Bpifrance and Ineo, as well as senior management.
With the new capital, Bleckwen aims to support its international expansion plans.
The firm also aims to develop its fraud detection capabilities with the new funds.
Bleckwen CEO David Christie said: “This fundraising is confirmation of our ‘scale-up readiness’ and the support from Ring Capital and our existing investors is testament to our expertise in productising class-leading AI-based analytics in the fight against financial crime for banks.
“Using Bleckwen’s software, we are seeing false positive ratios drop by over 95%, the time taken to resolve alerts fall by over 50%, and a reduction in fraud loss ratios by over 60% – as compared with incumbent legacy-based rules systems.”
Formerly part of French cybersecurity firm Ercom, Bleckwen was spun out earlier this year.
The firm’s fraud detection platform is powered by artificial intelligence technology.
It focuses on anti-money laundering and counter-terrorism financing.