Fintech raises £6.4 million to combat AI-driven fraud

A London-based fintech is set to accelerate the fight against fraud and streamline high-value transactions after securing multi-million-pound investment to expand its platform.

Kord has raised £6.4 million in Series A funding, taking its total investment to £9 million. 

The round was led by Guinness Ventures, with participation from Beringea, SFC Capital and a group of angel investors. 

Regulated by the Financial Conduct Authority, Kord provides a platform that combines client onboarding, identity verification, anti-money laundering checks, document signing and payment processing. 

It is used by estate and letting agents, law firms, conveyancers and financial services firms to help complete transactions more securely and efficiently.

The platform also helps businesses tackle increasingly sophisticated AI-enabled fraud by verifying customer documents against a broader range of data sources, while providing secure digital wallets and dedicated bank accounts for regulated organisations handling client money.

Bosses say the funding will support team growth and product development as the business looks to attract new customers.

The investment follows the recent rebranding of the company’s business-to-business operations to Kord, while its consumer-facing app will continue to operate under the Checkboard name.

James Owusu, chief executive and founder of Kord, said: “For firms in regulated industries, relying on fragmented legacy systems that fail to meet the demands of modern digital commerce slows transaction speeds and increases risk. 

“We created Kord to change that. 

“Our modular tech stack is built with independent, interchangeable components, enabling flexibility and adaptability for our clients as we scale. 

“This new funding allows us to protect more businesses and develop new capabilities. 

“I’m incredibly excited for our next stage of growth.”

Malcolm King, chief investment officer at Guinness Ventures, added: “Every high-value transaction depends on trust, yet the systems underpinning many regulated industries remain fragmented, manual and increasingly vulnerable to sophisticated fraud. 

“Kord has built the infrastructure layer that modern businesses need: combining identity verification, compliance and payments into a single platform that dramatically improves both security and efficiency. 

“We were impressed by the ambition of James and the team, their pace of execution and the scale of the opportunity ahead. 

“We believe Kord has the potential to define this category in the UK and beyond, and we’re delighted to lead this round.”

Kiu Kim, investment director at Beringea, added: “Kord is solving a real and growing challenge for businesses operating in regulated industries. 

“The business is delivering clear and tangible value to customers, and its platform has become a critical part of their day-to-day operations. 

“James and the team have demonstrated an ability to deliver growth at pace and there is now a significant market to address, and we look forward to supporting the business as it capitalises on this opportunity.”

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