Fourthline, an Amsterdam, Netherlands-based RegTech firm that provides AI-powered and compliant KYC and AML solutions, raised €50 million in a funding round led by Finch Capital with participation from new and existing investors.
The Fourthline platform provides banks and financial services providers with a complete suite of proprietary tech products that adhere to local KYC, AML, and GDPR requirements in Europe and beyond.
Fourthline co-founder and CEO Krik Gunning said, “We are on a mission to help regulated entities fight ever more complex financial crime. 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 is laundered every year.”
Fourthline’s AI-driven solutions unlock compliance for the entirety of the lifecycle, from onboarding, verification, and analysis, through to investigations and continuous KYC, in all stages of business development.
Fourthline now employs over 270 people across the Netherlands, France, Spain, and the UK and works with European fintech leaders including N26, Trade Republic, Qonto, Scalable Capital, and other regulated financial institutions such as NN, Solaris, and Western Union.
Company: Fourthline B.V.
Funding Month: April 2023
Lead Investors: Finch Capital
Company Website: https://www.fourthline.com/
Software Category: KYC and AML Compliance Software
About the Company: Fourthline has built a set of AI-based solutions to help with identity verification, help businesses comply with anti-money laundering rules, and more. They built the tools for businesses across banking, fintech, insurance, and beyond to authenticate customers quickly, remotely, and securely. The company simplifies complex digital identity challenges with advanced AI and expert regulatory guidance to make compliance easy. Fourthline helps clients across Europe reduce manual back-office costs, eliminate compliance pain points, and optimize the customer experience through tailor-made solutions that deliver unparalleled fraud detection and conversion rates.