ID and fraud prevention platform Frankie One closes $ 20 million in Series A round

MeIdentity and fraud prevention platform FrankieOne Announced today that it will end its $ 20 million star-studded Series A round against the backdrop of tremendous growth and drive international expansion.

The round was led by Australian VC heavyweight AirTree Ventures and US-based VC firm Graycroft with previous investments such as Bumble, HuffPost and Venmo. Harry Stebbings’ UK-based 20VC, Reinventure, Tidal Ventures, APEX Capital, and Mantis VC also competed for a highly competitive and over-subscribed round.

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FrankieOne’s annual recurring revenue (ARR) surged 20-fold year-over-year, driven by significant international growth, and sales outside Australia are now compared to 1% just six months ago. It accounts for about 50% of the company’s revenue. In the last 18 months, the platform has attracted over 80 new clients across banks, BNPL, digital exchanges and FinTech. This includes Tier 1 companies such as Afterpay, Westpac and Zipmex. Until now, the company had no sales or marketing teams, so all growth was organic.

Serial fintech entrepreneurs Simon Costello and Aaron Chipper co-founded a startup in 2017 after initially aiming to become a neobank. During this process, we quickly discovered how disparate the customer’s onboarding process was within banks and other fintechs, and immediately focused on solving this global problem.

According to Frankie One CEO Simon Costello, the improved customer experience that results from the seamless onboarding process was a true competitive advantage and impetus for Frankie One’s success.

“The main focus of banks and FinTech is on compliance, as severe penalties can be imposed if customer onboarding is not performed correctly, which usually impairs the customer experience. What I learned is that it doesn’t have to be either.

“Regulatory and technical challenges often hamper FinTech’s ability to expand rapidly internationally. Our mission is to reach FinTech worldwide through a single integrated API. To create a platform that provides the convenience of leveraging identity verification and fraud prevention services, which allows FinTech to “turn on” regions and services as needed for innovation and core business. You will be able to concentrate. “

With a strong global presence in Asia Pacific and Europe and the recent opening of an office in the United States, the funds raised from the Series A round have an international footprint that already connects data with over 350 third-party providers. It will be devoted to the promotion of. Sources of information from 46 countries. In addition, FrankieOne will provide transaction monitoring for both fiat and cryptocurrencies later this year.

“We are very grateful to have attracted such an excellent cohort of prominent investors who believe in our mission and are very grateful to help expand more FinTech in the next growth phase. I’m looking forward to it, “costello added.

“As more companies begin to adopt embedded finance and become fintech in nature, they are aware of FrankieOne’s huge market potential and can attract such prominent global investors. I was lucky, “he said.

After doubling its workforce in the past three months, including the appointment of former McKinsey & Company associate partner Warren Oaks as Frankie One’s chief operating officer, the company’s growth trajectory will continue towards the New Year. Expected. Sales and marketing talent doubles the impressive organic customer growth you’ve ever had through customer referrals.

ID and fraud prevention platform Frankie One closes $ 20 million in Series A round

Source link ID and fraud prevention platform Frankie One closes $ 20 million in Series A round

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