Baselayer, a NY-based B2B platform utilizing proprietary Graph AI technology to fight fraud and optimize business onboarding, emerged from stealth with a $6.5m seed funding round.
Backers included Torch Capital, Afore Capital, Founder Collective, Picus Capital, Gilgamesh Ventures and financial industry executives Eric Woodward, former President of Early Warning Services, Jason Mikula, executives from Stripe, Brex, Valley Bank, Airbase, and 15 other fintech founders.
With the funding, the company plans to double down on investing and scaling its platform as well as refining and building out new features in its GenAI model.
Led by Jonathan Awad, CEO, and Timothy Hyde, CTO, Baselayer has created a custom AI-based knowledge graph to simplify and secure the business verification process, reduce financial ecosystem fraud, and accelerate small business performance. It can predict and differentiate legitimate from fraudulent patterns, enabling financial institutions and government agencies to swiftly verify the legitimacy and assess the risk of new business customers in seconds.
Securing almost 30 customers in under 6 months, including Rho and one of the top-five loan infrastructure systems, the company has expanded its total reach to over 25 million potential business accounts.
In just six months since launch, Baselayer is already integrated into clients and systems ranging from traditional bank providers to small business fintechs, including one of the top-five loan infrastructure systems, which manages loans for over 25 million accounts across almost one thousand unique banks and lenders. Rho, the business banking platform with customer support and built-in spend management, is an early adopter of Baselayer.
FinSMEs
01/05/2024