1 min

Tags in this article

, , ,

Dutch company Fourthline has raised 50 million euros in a new investment round. The company plans to use the money to further develop its software for fighting complex financial crime.

The investment was raised from new and existing institutional investors. Among others, investment company Finch Capital has increased its stake, following an earlier investment.

KYC software platform

Fourthline provides Know Your Customer (KYC) software to banks and other regulated financial institutions. The software performs thousands of customer identity checks to prevent money laundering and fraud.

To do so, the fintech specialist provides algorithm- and AI-based technology in an umbrella platform. Think of a single API for eliminating complexity and applying a single and reusable core identity; a “single source of truth. With this core identity, there is no need to ask customers for information twice. This should increase conversion and retention.

Furthermore, the Fourthline platform provides a product suite for all KYC and Anti-Money Laundering (AML) requirements. From initial onboarding to daily AML checks, authentication, qualified electronic signatures, periodic reKYC, enhanced fraud screening, document renewal and off boarding when necessary.

Fourthline plans to use the investment to develop the software platform. Meanwhile, the fintech specialist has more than 270 employees and offices in the Netherlands, France, Spain and the UK.

Also read: Visa and MasterCard are potential buyers to acquire fintech Pismo