FinTech fraud firm AimBrain has closed its £4m Series A round
London-based AimBrain, the startup that provides deep learning biometric identity tech to the financial services industry, has announced it has closed its £4m Series A round as it looks to grow out its ‘biometrics as a service’ offering.
Funding for the business, which was founded in 2015 by Andrius Sutas and Alesis Novak, has been led by BGF Ventures alongside Episode1, Entrepreneur First and angels including Simon Rozas, Chris Mairs and Charles Songhurst.
The startup’s platform is primarily targeted at financial services businesses and utilises deep learning to provide seamless identity authentication using biometrics.
How a person is holding their device, their typing speed and touch pressure are can all be tracked by the platform, as well as voice and facial recognition to help prevent fraud in a cost-efficient and seamless manner.
Co-Founder Andrius Sutas, said that the company has built the ‘leading’ provider of biometric identity as a service which goes a long way to tackle the ever-present threat of global banking fraud.
He commented: “We know that financial institutions have a big problem with fraud prevention - and customers are not getting the best experience. That’s why we built a platform that uses behavioural, facial and voice data to identify customers accurately, quickly and securely.”
As Sutas argues, AimBrain’s system gives businesses the opportunity to combine its different biometric authentication technology, and is flexible enough to plug into most systems and work in tandem with current processes.
One example outlined by the firm is a bank which uses background behavioural authentication to ensure persistent access to its banking app; switching to voice analysis when a customer rings up its call centre and facial recognition tech for its ATMs.
According to Sutas ‘no single’ biometric approach is 100% failsafe in isolation and that AimBrain’s shifting platforms and tech continually outperformed the market in tests.
He added: “Building our own technology is extremely important because it allows us to fully control our roadmap, deployments and business cases but it does require the best people. This investment will be crucial in helping us to expand our already world-class team.”
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