Refine Intelligence, a Tel Aviv, Israel-based fintech startup focused on combatting financial crime, has raised $13 million in seed funding.
SaaS Investors
The round was led by Glilot Capital Partners and Fin Capital, with participation from SYN Ventures, Valley Ventures (the corporate venture capital arm of Valley Bank), and other investors including Ground Up Ventures.
Glilot Capital is a seed and early-stage venture fund that invests in artificial intelligence, cybersecurity, and big data companies.
Fin Capital is an asset management firm investing full lifecycle of FinTech and adjacent verticals in principally B2B enterprise SaaS companies. Founded in 2018, and is based in San Francisco, California.
Refine Intelligence Use of Funds
The funding will be used to accelerate expansion in North America, Europe, and Latin America, as well as advance the development of its technology.
About Refine Intelligence
Refine Intelligence has developed a novel 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 "green flags" customers' legitimate activity to dramatically reduce investigation time, and can also be used to protect against check fraud, scams, and money mules. Refine Intelligence's approach aims to help banks reduce handling time and focus on genuinely unexplained anomalies, improving efficiency and customer satisfaction.
Funding Details
Company: Refine Intelligence Ltd.
Raised: $13.0M
Round: Seed Round
Funding Month: November 2023
Lead Investors: Glilot Capital Partners and Fin Capital
Additional Investors: SYN Ventures, Valley Ventures, Ground Up Ventures
Company Website: https://www.refineintelligence.com/
Software Category: Anti-Money Laundering Software
Source: Ronny Hassid