extends Series A to $27.6 M
Summary
This adds to the existing funding from investors including GV, Index Ventures, Credo Ventures, and Seedcamp.The new investment builds on Resistant AIs expansion of its product, team, and geographical presence to meet the growing demand from financial institutions to protect their onboarding and transaction systems from malicious attacks.At present, as many as 17% of bank statements/utility bills/paychecks used for lending applications, know your customer (KYC) regulations, and other purposes worldwide are tampered with; and 15% of company registration certificates submitted worldwide when opening bank accounts are fakes. Customers include Dun & Bradstreet, Payoneer, Habito, Planet42, and ComplyAdvantage; and Resistant AI now has over 80 team members working across offices in Prague, London, Brussels, and New York.This funding follows a very successful 2022 where the customer base more than doubled, ARR increased 6x, monthly usage increased 4x YoY, and the products were recognized by multiple awards, including winning the ACAMS Digital Crime Fighter of the Year awards twice in a row, winning The Europas Awards, and being listed in the AI Fintech 100 for the third year in a row.Martin Rehak, CEO and Founder of Resistant AI said, The transition from traditional finance to fintech has brought creativity and opportunities for customers, but there has been an accompanying rise in criminals exploiting these new services. Synthetic identity fraud has been named the fastest growing financial crime in the US, with $6 billion in total losses to the banking sector in 2021 alone, and the Resistant AI product is the only comprehensive solution out there that moves as fast as the fraudsters do. The Notion team has unique expertise and experience in the Cloud Computing market having founded, built and exited two highly successful businesses in the space - Star and MessageLabs. Companies within Notions portfolio include Adbrain, Currency Cloud, Duedil, IOCS, MOVE Guides, NewVoiceMedia, and Tradeshift.