The capital will be used to introduce a new fraud detection product, Risk Intelligence, which identifies fraudulent/legitimate and risky/creditworthy customers for companies that want to build “digital trust”
Inscribe, an AI-powered fraud detection provider, has raised $25m in a series B investment round.
The capital will be used to introduce a new fraud detection product, Risk Intelligence, which identifies fraudulent/legitimate and risky/creditworthy customers for companies that want to build “digital trust”.
The round was led by Threshold Ventures, and joined by Crosslink Capital, Foundry and Uncork Capital.
Other investors include Forum Ventures, Box and Intercom, bringing its total amount raised to $38m.
Ronan Burke, co-founder and chief executive officer at Inscribe, said in statement its Risk Intelligence product is equipped with “AI-powdered fraud and credit insights that eliminate uncertainty and make risk decisions easier”.
This allows companies that use the product to “effectively build trust and ultimately approve more customers with confidence”, he said.
A key selling point of its product is convenience. “Buyers have come to not only enjoy—but expect—frictionless interactions that provide instant gratification. Fast response times are no longer a perk; they’re the most important attribute of the customer experience“, Burke said.
The California, US-based company has seen a 3x year-over-year increase in annual recurring revenue and a 4x year-over-year increase in monthly usage in 2022.
Founded in 2017, Inscribe is hoping its growth continues as companies look for ways to reduce losses from fraud and eliminate uncertainty about potential customers.
Research from PYMNTS and cited by Inscribe shows that the average US fintech loses $51M to fraud annually, and the impact of fraud has a negative ripple effect across the entire company.
According to Deloitte, 79% of financial institutions said that enhancing the quality, availability and timeliness of risk data was a top priority.
Related article: Regtech Salv raises €4m to fight financial crime