ResistantAI, a rapidly growing startup, has secured an additional $11 million in funding from Notion Capital, bringing its Series A funding round to a total of $27.6 million. The company, which was founded in 2019 in Prague, specializes in helping banks and fintech companies combat financial crime by detecting anomalies in documents, transactions, and digital behaviors.
Analyzing Digital Documents for Fraud
Resistant AI’s platform examines bank statements, utility bills, payslips, and other digital KYC documents for signs of forgery or fraud during onboarding. Additionally, it monitors transactions and digital identity footprints on an ongoing basis. The startup’s clients include prominent names such as Dun and Bradstreet, Payoneer, Habito, Planet42, and ComplyAdvantage.
Keeping Pace with Innovative Criminal Tactics
Martin Rehak, CEO and Founder of Resistant AI, stresses the importance of adopting advanced machine learning techniques to combat financial crime, as fraudsters and criminals begin using the latest generative AI tools to exploit new services. The investment from Notion Capital, which focuses on cloud computing and Software-as-a-Service (SaaS) markets, will enable Resistant AI to continue developing cutting-edge solutions that keep pace with ever-changing threats.
Addressing the Fastest Growing Financial Crime
Notion Capital highlighted the significance of addressing synthetic identity fraud, which has become the fastest-growing financial crime in the US, resulting in $6 billion worth of losses to the banking sector in 2021 alone. They believe Resistant AI’s product is the only comprehensive solution capable of moving as fast as the fraudsters themselves.