Fintech start-up AimBrain banks £4m in Series A funding to fight online fraud
Offering "biometric identity as a service platform", the London-based start-up will use the finance to step up its recruitment drive
AimBrain, the fintech start-up that helps banks fight fraud, has raised £4m in Series A funding in a round led by BGF Ventures.
A biometric security platform, AimBrain helps global financial institutions authenticate individuals via use of behavioral, facial, and voice recognition.
Using behavioural biometrics, the platform tracks how a person uses a device, such as typing speed, touch pressure and grip – as well as how they look and sound.
Founded in 2015 by Andrius Sutas and Alesis Novik, the duo will use the finance to step up the start-up’s recruitment drive.
In December 2015, the London-based business bagged £350,000 from venture capital firm Episode 1 Ventures.
“We have built the leading provider of biometric identity as a service. We know that financial institutions have a big problem with fraud prevention – and customers are not getting the best experience. That’s why we built a platform that uses behavioural, facial and voice data to identify customers accurately, quickly and securely.
“No single biometric is good enough in itself. To mitigate as much risk as possible, you need a platform approach. In both testing and live production, our technology has consistently outperformed the market, even on a single module.
“Building our own technology is extremely important because it allows us to fully control our roadmap, deployments and business cases but it does require the best people. This investment will be crucial in helping us to expand our already world-class team.”
Henry Gladwyn, of BGF Ventures, said:
“We are very excited to be working with AimBrain. Their technology is exceptional and is poised to revolutionise the authentication process for financial services companies. This is an area of great opportunity and we look forward to watching AimBrain grow and succeed.”