A global platform connecting customers to multiple identity verification and fraud detection vendors via one API has raised another $15.5 million in its latest funding round.
FrankieOne announced that it earned $15.5 million from Series A+ round that was participated by investors like AirTree Ventures, Greycroft, an investor in Bumble, HuffPost, and Venmo; Reinventure, Westpac’s venture arm; Tidal Ventures; Apex Capital; Binance Labs; and Kraken Ventures.
The recent funding round increases to $30 million the Australian startup’s total funding.
With fresh funds, FrankieOne will now be able to expand its business across Asia Pacific and North America.
“We have been laser-focused on improving the onboarding customer experience and have been overwhelmed with the response, now helping over 170 financial institutions globally. Our platform is helping drive business growth and allows our customers to respond quickly to trends in fraudulent behaviour and changing regulations, which is particularly helpful, given the increase in fraud,” said CEO Simon Costello.
Costello and Aaron Chipper founded FrankieOne in 2019 as an identity and fraud detection engine helping companies onboard and protect their customers.
FrankieOne connects banks, crypto exchanges, fintech and gaming companies to prominent vendors and data sources across 48 markets through one API integration.
With the help of their vendor partners, FrankieOne is connected to hundreds of data sources enabling businesses to verify customers from multiple data sources selected from a global data pool, increasing the probability of a fast, automatic verification.
The global platform enables customers to choose their preferred data vendors and switch to new vendors, fraud detection capabilities and geographies. It offers solutions that cover full customer life cycle, from onboarding to transaction monitoring.
The platform is designed to verify customers safely and securely and leverages over 350 data indicators to minimize risk and maximize opportunities.
FrankieOne has a presence in Australia, Singapore and the US as the firm claims to have already increased its revenues by 4,700 percent in the last 12 months. Its current customers include market leaders Westpac, Shopify, Afterpay, and Pointsbet.