Nethone, a KYC solution that helps to reduce fraud in online transactions, has bagged $1m in its first external funding round.
The capital was supplied by Poland-based Innovation Nest, a venture capital firm which focuses on the growth of B2B software companies.
Poland-based Nethone offers AI-powered ‘know your user’ solutions which help institutions to better protect themselves from losses. Its solutions include fraud detection, real-time segmentation and customer retention tools, and behavioural analysis of banking systems to prevent account takeover.
Its technology can easily be integrated with existing datasets and gives companies a single dashboard to view their customers in real-time. Advanced analytics help to generate actionable insights which predictive AI helps to build custom adaptive models.
To help businesses protect themselves, Nethone offers device fingerprinting to identify the legitimacy, automatic identification and tracking of returning users, and identifies any anomalies.
Last year, the RegTech company began working with a number of financial institutions including ING Group. It also became a technological partner of the ERIF Economic Information Bureau.
Innovation Nest founder and managing partner Piotr Wilam said, “The threat of fraud in e-transactions is a huge problem for companies selling online. Nethone shows that artificial intelligence is a great technology for providing cybersecurity.
“Not only does it prevent payment fraud with unprecedented efficiency, but it also gives insights for a better understanding of any online customer. Therefore, the Nethone Guard’s possible implementations are virtually unlimited.”
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