Monnai, San Francisco, CA-based provider of consumer insights platform for financial organizations, raised $6.5 million in Series A funding, bringing its total raised to nearly $10 million.
The round was led by New York-based Tiger Global, with participation from existing investors, including Better Tomorrow Ventures, 500 Global, and Emphasis Ventures (EMVC).
The new investment will be used to bolster its AI-driven decisioning capabilities. Also, it will enhance its business capabilities in emerging markets and continue developing its proprietary analytics and data ingestion capabilities.
“In a digital-first world, every business is a fintech. Whether you’re in an established market or an emerging market, there’s an inherent need for clean infrastructure. Businesses globally have been developing strong capabilities using more and more data to make their own decisions. The challenge is to get access to the insights that will inform decisions across silos and use cases and in as many useful ways as possible. This is where Monnai comes into play, providing a single source of truth for businesses across entire customer and transactions lifecycles,” said Monnai CEO and co-founder Pierre Demarche.
The company launched its first AI-driven decisioning engine, which uses rules and supervised models to detect fake digital identities used by fraudsters. This helps its customers identify specific fraud attempts that have historically been challenging such as promotion abuse and new account fraud.
In addition, Monnai has been developing new explainable AI (XAI) features providing more granular and personalized reason codes for transactions.
Company: Monnai Inc.
Raised: $6.5M
Round: Series A
Funding Month: March 2023
Lead Investors: Tiger Global
Additional Investors: Better Tomorrow Ventures, 500 Global, and Emphasis Ventures (EMVC)
Company Website: https://monnai.com/
Software Category: Consumer Insight Infrastructure
About the Company: Founded in 2021 by Ravish Patel and Pierre Demarche, Monnai is a global consumer insight infrastructure that enables fintechs to efficiently navigate the four key pillars of onboarding, trust and fraud risk, credit underwriting, and collections. Monnai’s consumer insight platform seamlessly integrates the increasing number of disparate data sources across the globe and provides its customers with tools to navigate the increasing fraud and evolving regulatory landscapes. The resulting infrastructure leverages over 350 contextual insights, including payment, communication, device, identity, etc. The company’s technologies enable low code and no code dynamic aggregation, normalization, and contextualization of data sets. Headquartered in San Francisco, the company operates across Asia, India, and Latin America.
Source: https://techfundingnews.com/monnai-nets-6-5m-to-offer-ai-decisioning-to-fintechs/