Refine Intelligence secures $13m in seed round to revolutionise AML

Refine Intelligence has announced a successful $13m seed funding round that is set enable them to transform Anti-Money Laundering (AML). 

Refine Intelligence has announced a successful $13m seed funding round that is set enable them to transform the Anti-Money Laundering (AML) space. 

The funding was led by Glilot Capital Partners and Fin Capital, with participation from SYN Ventures, Valley Ventures (the corporate venture capital arm of Valley Bank), alongside other investors including Ground Up Ventures.

The cash injection is set to help the firm on their move to change the decor, as they boldly look to “catch the good guys” as part of the remarkable strategy to change the way in which we police AML.

The firm generated the capital through investment aims to alleviate the challenges faced by AML investigators swamped by transaction monitoring alerts.

These alerts often highlight legitimate life stories, such as property sales or international tuition payments, lacking context. The company’s unique approach involves digital inquiries and AI-trained capabilities, empowering banks to navigate genuinely suspicious activities while better understanding customer behaviour and transactions.

Refine Intelligence’s co-founder and CEO Uri Rivner, spoke passionately about their innovative plans to reinvent the space. He said, “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 behaviour 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, Refine Intelligence’s first client, witnessed a remarkable shift in its AML inquiry process, reducing it from 16 days to just two minutes after implementing their solution. Valley Ventures, impressed by the outcomes, opted to invest in the company.

The statistical analysis provided by Refine Intelligence based on its work with North American banks demonstrates the significant impact of its Digital Outreach. These insights underscore the reduction in customer inquiry resolution time and an impressive 85% completion rate for Digital Outreach customer inquiries.

Glilot Capital Partner Founder and Managing Partner Kobi Samboursky, said, “Money laundering is a persistent problem for banks to monitor, yet it lacks an effective automated solution to keep the issue in check. Refine Intelligence has developed a powerful solution that ensures efficiency through the innovative application of their AI technology. We are excited about the market opportunities ahead of Refine Intelligence, and thrilled to join their mission to transform the financial fraud detection sector.”

Fin Capital Principal Sasha Pilch, said, “In a digitally-transformed banking landscape, Refine Intelligence stands out for its innovation in combating financial crime. Their approach to AML offers a simple yet unique solution to a problem that banks have struggled with for years. We’re excited to join Refine Intelligence on its path to becoming a leader in crime-fighting FinTech, transforming how banks combat money laundering and fraud.”

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