Melbourne-based identity and fraud prevention platform FrankieOne has closed a $15 million (AUD 20 million) Series A funding round.
The financing was led by Australia’s AirTree Ventures and US-based Greycroft, with participation from 20VC, Reinventure, Tidal Ventures, APEX Capital Partners and Mantis VC.
The round also featured investment from the likes of Robinhood founder and CEO Vlad Tenev, Monzo founder Tom Blomfield and American electronic DJ and production duo The Chainsmokers.
FrankieOne aims to bring together ID verification, know your customer, know your business, anti-money laundering, fraud and credit tools into a unified platform to streamline the customer onboarding process for banks and fintechs.
The platform connects over 350 vendors and data sources to enable data-led decision making that the firm claims saves billions in IT costs.
FrankieOne CEO Simon Costello says the threat of severe penalties if customer onboarding is not performed correctly means banks and fintechs have rightly looked to increase their focus on compliance, but this has come “at the detriment of the customer experience”.
“Regulatory and technical challenges are often a major roadblock in a fintech’s ability to rapidly scale internationally. Our platform provides fintechs with the convenience of consuming the world’s identity verification and fraud-prevention services via a single unified API,” says Costello.
The firm says the cash will be used to build its international presence, having already established itself in Asia Pacific, Europe and the US. FrankieOne also has plans to offer transaction monitoring for both fiat and cryptocurrencies later this year.