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London’s fraud prevention startup Quantexa rakes in $153M funding to fight financial crimes

In the new world of technology, financial crimes have become electronically sophisticated and hence, its detection has become even more difficult and cumbersome. This has led to the rise of startups that are taking on financial frauds with their AI-based solutions.

Joining the bandwagon of interesting startups that are working towards combating financial crimes is London-based Quantexa. The data and analytics software company pioneering Contextual Decision Intelligence (CDI) has announced today it has raised $153 million in Series D funding from Warburg Pincus and a growing group of blue-chip investors. This latest fundraise follows an impressive year of 108% growth for the startup during 2020-21, boosted by significant growth from new clients across geographies and industries.

Series D funding

This round was led by Warburg Pincus, the global private equity firm focused on growth investing with a five-decade track record of handpicking future market leaders. Existing investors participating were Dawn Capital, AlbionVC, Evolution Equity Partners, HSBC, ABN AMRO Ventures and British Patient Capital. The new investment follows a Series C round in July 2020.

Regional market expansion

The fraud prevention startup will use the investment to accelerate its plans for regional market expansion and build out its product portfolio development further in areas such as data management and industry verticals, including banking, insurance, public sector, and technology, media and telecom. It will additionally look for inorganic growth opportunities as part of its corporate strategy.

Revolutionising data and analytics

Founded in 2016, the company serves blue-chip banks, insurers and government organizations across more than 70 countries, including 7 of the top 10 UK and Australian banks and 6 of the top 14 financial institutions in North America, with flagship customers such as HSBC and Standard Chartered Bank. It has also established a growing ecosystem of partners, including Accenture, Deloitte, Microsoft and Google.

Quantexa’s ground-breaking CDI platform is revolutionising the data and analytics industry for operational decision making by solving the age-old problem of joining the dots of internal and external data. Using CDI, organizations can create a scalable, true single customer view of data and deploy new data and analytics technologies such as entity resolution, graph analytics and AI, to create graph-based network views, supporting any number of use cases, all from a single software platform.

CDI is helping organisations to take the efficiency and accuracy of their master data, risk and compliance programs to a new level, at a time when cloud migration, digital transformation and resilience have never been more important. Furthermore, Quantexa is championing the use of data for good in areas such as anti-human trafficking.

Supporting customer innovation

Vishal Marria, CEO of Quantexa commented: “What excites us most is the growing demand we see across sectors for enterprises to realise meaningful value from their data across the organisation. The company is supporting customer innovation so they can make trusted operational decisions. We have seen the need for Contextual Decisioning increase exponentially within the financial sector and with this round, we are able to capitalise on the growing demand for CDI across multiple new sectors in a market worth over $114 billion according to IDC.”

Adarsh Sarma, managing director and co-head of Europe at Warburg Pincus, said: “Quantexa’s proprietary technology enables clients to create single views of individuals and entities, visualized through graph network analytics and scaled with the most advanced AI technology. This capability has already revolutionized the way KYC, AML and fraud processes are run by some of the world’s largest financial institutions and governments, addressing a significant gap in an increasingly important part of the industry. The company’s impressive growth to date is a reflection of its invaluable value proposition in a massive total addressable market, as well as its continued expansion across new sectors and geographies.”

Peter Deming, managing director and head of financial services across EMEA at Warburg Pincus, added: “The group’s advanced AI technology has delivered significant productivity gains, cost benefits and substantially mitigated regulatory and operational risks for financial institutions and governments all over the world.”

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