Refine Intelligence, a FinTech company specialising in Financial Crime Greenflagging, announced its launch, marking a significant advancement in anti-money laundering (AML) practices.
This launch was supported by a robust $13m seed funding, led by Glilot Capital Partners and Fin Capital, with additional support from SYN Ventures, Valley Ventures, and other investors such as Ground Up Ventures.
Refine Intelligence stands out in the AML industry with its unique focus on “greenflagging” – a novel concept aimed at validating legitimate customer behaviour. Unlike traditional methods which primarily detect account anomalies, Refine’s approach offers a clearer understanding of customers’ life stories, thereby swiftly dismissing false alarms. This distinction positions the company as a game-changer in the sector.
The company plans to utilise this new funding to enhance its technological capabilities and expand its reach across North America, Europe, and Latin America.
What sets Refine Intelligence apart is its method of providing banks with critical context in real time. By implementing user-friendly digital inquiries and employing AI trained on a unique dataset of genuine customer activity patterns, Refine Intelligence enables financial institutions to effectively distinguish between suspicious activities and legitimate transactions. This approach not only streamlines AML investigations but also improves the efficiency and effectiveness of the process.
Refine Intelligence’s first major success story is with Valley Bank, which experienced significant improvements in its AML inquiry process after implementing Refine’s solutions. This led to Valley Ventures, the corporate venture capital arm of Valley Bank, deciding to invest in Refine Intelligence.
Banks used to have a superpower: knowing their customers’ life stories so they could provide personalised financial service. With banking increasingly done online and a significant drop in face-to-face interactions, banks’ understanding of customer behavior is limited. Refine Intelligence restores that critical context, empowering banks to ‘catch the good guys’ – identify false alarms triggered by perfectly legitimate customer transactions, and focus their energy on actual dubious activity.”
Valley Bank’s Director of AML Chris Phillips commented, “After implementing Refine Intelligence’s solution, our AML inquiry process was cut from 16 days to two minutes. This has freed up our team to spend less time on investigations and more time serving our customers. Using Refine Intelligence has enhanced our efficiency by streamlining the process of investigating and resolving AML alerts, and improving our customers’ satisfaction
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