UK-based data analytics and fraud prevention start-up Quantexa has raised $153m in Series D funding round.

The fresh capital infusion brings Quantexa’s valuation close to $1bn that will provide the fintech with ‘unicorn’ status.

According to a Reuters report, the round values the fintech between $895m and $905m.

The latest funding round was led by a global private equity firm Warburg Pincus.

The company’s existing investors Dawn Capital, AlbionVC, Evolution Equity Partners, HSBC, ABN AMRO Ventures and British Patient Capital also participated in the fundraising.

What does Quantexa do?

Quantexa focuses on providing software solutions and data analytics application to financial services and other sectors to support decision making. The company’s Contextual Decision Intelligence (CDI) platform helps companies to manage data and deploy new data and analytics technologies.

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It also works to combat money laundering, related investigations and frauds, and provide support with KYC and customer intelligence.

Quantexa counts HSBC and Standard Chartered Bank as its clients. Last year, Danske Bank partnered with Quantexa to detect financial crime using AI.

Future Plans:

The company plans to utilise the new funds to support its regional market expansion plans. It also intends to develop its product portfolio and pursue inorganic growth opportunities as part of its corporate strategy.

Quotes:

Quantexa CEO Vishal Marria said: “We are thrilled to welcome Warburg Pincus to our team as we continue to accelerate the growth of our global software business and lead the CDI category. Warburg Pincus has a distinguished track record and brings deep experience of funding winners globally.”

Warburg Pincus managing director and co-head of Europe Adarsh Sarma said: “Quantexa’s proprietary technology enables clients to create single views of individuals and entities, visualised through graph network analytics and scaled with the most advanced AI technology.

“This capability has already revolutionised the way KYC, AML and fraud processes are run by some of the world’s largest financial institutions and governments, addressing a significant gap in an increasingly important part of the industry.

“The company’s impressive growth to date is a reflection of its invaluable value proposition in a massive total addressable market, as well as its continued expansion across new sectors and geographies.”