Bleckwen, a Puteaux, France-based provider of real-time analytics software for fraud detection & prevention in payments, raised $10m in first funding round.
The round was led by Ring Capital, with participation from existing investors TempoCap, Bpifrance and Ineo, alongside senior management.
The company intends to use the funds for international expansion and the continued development of its software capabilities in AI-based fraud detection.
Recently spun-off from Ercom, a French cybersecurity company, Bleckwen provides real time explainable AI-based systems for use in fraud detection. Built for banks, the company’s real-time, dynamic behavioural analytics & explainable AI-engine detects fraud threats in payments, such as authorized push payment fraud or the “human hack”, driven by the surge in real-time payment networks globally. The platform also protects banks from the emergent risks of open banking under PSD2, where banks will no longer have full control of the end-to-end user experience and security perimeter, presenting a completely new threat dimension.
Bleckwen has 35 people led by David Christie, CEO, based in Paris, France.