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Tag: fraud detection

Bleckwen raises $10m and appoints David Christie as CEO

26th June 2019

Bleckwen, a provider of real-time analytics software for fraud detection & prevention in payments, has come out of stealth to announce a $10 million first funding round, led by Ring Capital, a Paris-based venture capital firm. Bleckwen recently spun-off from Ercom, the French cybersecurity firm. Existing investors, including TempoCap, Bpifrance and Ineo also participated in the funding round, alongside senior management.

Sector: Technology, Data

London, 26th June 2019 Bleckwen, a provider of real-time analytics software for fraud detection & prevention in payments, has come out of stealth to announce a $10 million first funding round. The funding will be used to support Bleckwen’s international expansion and the continued development of the company’s exciting software capabilities in AI-based fraud detection. The company’s expertise is strategically focused on the wider anti-money laundering (AML) and counter-terrorism financing (CTF) context. Bleckwen recently spun-off from Ercom, the French cybersecurity firm. The round was led by Ring Capital, a Paris-based venture capital firm and existing investors, including TempoCap, Bpifrance and Ineo, alongside senior management. Built with banks, for banks, Bleckwen’s real-time, dynamic behavioural analytics & explainable AI-engine is well placed to detect the surging fraud threats in payments, such as authorised push payment fraud or the “human hack” which is growing by circa 60% year-on-year, driven by the surge in real-time payment networks globally. The platform also protects banks from the emergent risks of open banking under PSD2, where banks will no longer have full control of the end-to-end user experience and security perimeter, presenting a completely new threat dimension. Over the last year, the company has also strengthened its management team with the hire of David Christie, a 20-year veteran in financial services, previously the COO of Euronet’s money transfer business, which included the brands Ria, HiFX and XE. David is also Chairman of VitessePSP and investor in Shieldpay, bringing with him a wealth of experience implementing and operating both fraud and AML systems in payment businesses. David is also joined by Matt Knowles, who was recently appointed Chairman of Bleckwen. Matt was previously CEO of HiFX, and together he and David successfully scaled HiFX into a world leading international payments company prior to its successful sale to Euronet. David Christie, Bleckwen's CEO, commented: "Nearly $4 trillion is stolen and laundered through banks annually - circa 3% of global GDP. Existing technologies are just not cutting it in the fight against this scourge of society. Something else needs to be done and at Bleckwen, we have made tremendous progress over the last two years as part of the Ercom Group, developing solutions to bring the fight to these criminals.” “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.” “Working very closely with our customers, which include a tier-1 global bank, we have developed a market-leading, payment-type agnostic, real-time capability to meet their fraud detection and prevention requirements at industrial scale. Bleckwen’s software can also dynamically adapt to ever-changing customer behaviours and profiles. We have also significantly strengthened our senior management team and operational infrastructure and will be opening offices in the UK and the US in 2019.” Matt Knowles, TempoCap Partner and Bleckwen Chairman, commented: “Having co-founded and scaled an international payments company that processed $20 billion annually, I have extensive real-world experience of the challenges faced by both fintechs and banks in of the domain of fraud detection and AML. I have been deeply impressed by Bleckwen’s advanced use of machine learning technology to radically increase fraud detection over current solutions, but, as importantly, substantially reduce the volume of false positives (which build friction and cost into the customer journey). We see significant potential to commercialise this technology across banks, fintechs & other multi-national enterprises to help combat fraud and AML risk across all payment types.” Nicolas Celier, co-founder of Ring capital, commented: “Bleckwen has appeared to us as the unique combination of state-of-the-art AI technology, built by a leading French data team, together with top international management with a solid track record of scaling up Fintech companies worldwide. Ring knew Bleckwen before the spin-off and has contributed to design this deal in order to help Bleckwen grow and scale.” Thierry Sommelet, Managing Director at Bpifrance Growth Capital - Head of Technology, Media, Telecom, 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. We are very happy to see David Christie and Matt Knowles join this adventure, as well as Ring Capital. We are confident that they will collectively thrive in driving the company on its new phase of growth.” Bleckwen was recently awarded Fintech of the year at the EBAday 2019, an event run by the Euro Banking Association – an expert-led forum for the European payments industry with nearly 200 member banks. Selected out of a category of 16 other finalists, the company received the prestigious award based on the innovative and dynamic nature of its market-leading AI-powered platform.

Bleckwen scoops 2019 European Fintech prize

19th June 2019

Sector: Technology, Data

After two days of live pitches from 15 cutting-edge fintech startups from across Europe and beyond, Bleckwen has been named the 2019 EBAday Fintech Zone best in show winner and will receive promotional and educational services from Finextra and the EBA.

With interest in digital banking and fintech at an all-time high, fraud prevention solution Bleckwen showcased their product in the EBAday exhibition hall in front of a panel of esteemed industry experts and thought leaders, demonstrating how banks could collaborate with the startup community and drive their internal innovation agenda with support from newer players. Other finalists that took part in the FintechLaunchPad competition were Pliance, Reflow, iGrant, Enable Banking, Baningo, Swascan, Keep Warranty and Covr Security on day one and Zignsec, NsKonx, Bankifi, Asteria, Zuper GmbH and Family Finances on day two. These successful Fintech Zone applicants are all early or growth stage startups and have a working product or a proof of concept within cyber-security; regulation and compliance (Regtech); correspondent banking; crypto-technology in transaction banking; global real time payments; AI and robotics; liquidity management, cash pooling and virtual accounts; Open Banking and APIs. After these companies made the cut, they were offered the opportunity to enter the FintechLaunchPad competition, and had 10 minutes to pitch to delegates and a select judging panel of experts. As the winner, Bleckwen will be taking home a package of educational, networking, promotional and marketing programmes from Finextra and the Euro Banking Association. If you missed the Fintech Zone pitches, they can be viewed at EBAday.com. Congratulations Bleckwen! (Source: FinExtra)