Refine Intelligence, a NYC- and Tel Aviv, Israel-based financial crime greenflagging company, raised $13M in Seed funding.
The round was led by Glilot Capital Partners and Fin Capital with participation from SYN Ventures, Valley Ventures, and other investors including Ground Up Ventures.
The company intends to use the funds to accelerate expansion within North America, Europe and Latin America, and advance the development of its technology.
Led by CEO Uri Rivner, Refine Intelligence has developed an approach to help banks reduce the growing operational costs of financial crime. Their proprietary AI scans anti-money laundering alerts from transaction monitoring systems and “greenflags” customers’ legitimate activity to reduce investigation time, and can also be used to protect against check fraud, scams and money mules.
Refine Intelligence provides critical context in real time to explain customers’ actions using two capabilities:
- User-friendly digital inquiries in which customers are asked about the source of funds, the nature of the activity and other crucial contextual information; and
- AI trained using a proprietary data set of customer activity patterns that can automatically recognize specific customer life stories.
With Refine Intelligence, banks can bolster their existing AML monitoring to:
- Better focus on truly suspicious activity by quickly clearing away false alarms
- More clearly understand customer behavior and transactions, leading to more effective and efficient investigations
- Enable financial institutions to collect much needed context from the customer in a structured, consistent and bias-free manner
FinSMEs
14/11/2023