The investment came from Finch Capital and other new, as well as previous investors.
The Fourthline platform gives banks and financial services providers access to a suite of proprietary tech products, which – in turn – help them secure KYC, AML and GDPR compliance. Notable clients include NN and Western Union.
Krik Gunning, co-founder and CEO, said: “We are on a mission to help regulated entities fight ever more complex financial crime.
“In order to hold back the tide of financial crime, a raft of KYC, AML and anti-fraud technologies have been developed. Simultaneously, legislators have tried to keep up, which has increased the regulatory burden on companies. However, many RegTech point-solutions do not truly alleviate the compliance burden on regulated entities, as evidenced by the thousands of employees performing manual checks at banks that have deployed point solutions. At Fourthline, we provide financial institutions with a single, banking-grade solution for continuous, ‘lifetime’ financial compliance. This is what we do”, he continued.
Fighting fraud, more important than ever
As more people turn to online payments, the number of fraudulent activities has recently gone up.
In that sense, several tech companies are stepping up their fight against fraud and money laundering. In March, global ID verification provider Veriff partnered with Salv, a regulatory tech specialising in collaborative crime-fighting, to combat financial crime together.
The partnership enables Veriff customers to use Salv’s modular crime-fighting platform, giving them access to a compliance toolset, including Salv Bridge, the world’s first real-time financial crime-fighting network.
Fourthline’s tools are developed in-house. Its single API eliminates the need for integrating multiple-point solutions and supports new geographies, products and user journeys.
The suite covers all KYC and AML requirements, including initial onboarding, daily AML monitoring, authentication, qualified electronic signatures, periodic reKYC, document renewal and offboarding.
“The huge leaps forward in technology over the last decade have been a double-edged sword: while consumers benefit from easier and quicker access to banking products, the nefarious actors have leveraged technologies such as deepfakes and social engineering such as money mules to increase the sophistication of their fraudulence. At present, approximately €1.8 trillion dollars are laundered every year”, Gunning added.