Top 10 Global Financial Crime Detection startups
In 2018, the World Economic Forum had announced that fraud and financial crime was a trillion-dollar industry. This is such a big concern that companies are bound to spend considerable sums on protecting themselves against such attacks.

With the advent of digitization and an increasing number of online transactions, financial crimes have risen manifolds and have become electronically sophisticated. This has made the detection of financial crimes even more difficult and time-taking. 

Digital banking is becoming increasingly common, so the banks are also experiencing growth in online transactions. Even though fraud and financial crime constitute a pretty low percentage of these transactions, it is still a big concern considering the sheer amount of money transferred online per second. 

In 2018, the World Economic Forum announced that fraud and financial crime was a trillion-dollar industry. This is such a big concern that companies are bound to spend considerable sums on protecting themselves against such attacks. The private sector companies spent close to US$ 8.2 billion on anti-money laundering (AML) controls in 2017. 

The banks are even more at risk due to various factors such as:

  • Vulnerability to fraud due to automation and digitization.
  • Huge transaction volumes
  • Greater integration of financial systems within the country and abroad. 

Many companies are coming up with technologies to prevent and detect the cybercriminal acts. Simultaneously, the criminals are also evolving new ways to breach the systems and continue doing fraud. Therefore, it has become imperative for banks, financial institutions and private and public companies to find new ways to share, integrate and form new synergies to fight against financial crime.

Here is a list of a few Crime/Fraud Detection in Financial Services companies:

1. Everledger


Everledger provides an immutable ledger for diamond identification and other asset ownership. It harnesses latest technologies including smart contracts, machine vision and IoT, with its scalable blockchain-enabled platform to identify and track assets, provenance providing transparency across global supply chains. By deploying the principles of blockchain utilized by Bitcoin, Everledger creates a ledger for diamond using which the ownership of the diamond can be tracked. It aims to mitigate the insurance frauds in the diamond industry.  

Company Overview

Founded in: 2015

Founder: Leanne Kemp

Headquarters: London, UK

Total Funding: US$ 37.4M

Investors: Rakuten, Bank of Montreal, Tencent Holdings, The Future Funds and Bloomberg Beta among others.

2. Riskified


Riskified is an AI-based e-commerce payment fraud-prevention technology company. It offers prevention solutions to banks and financial institutions. With the help of big data analytics and machine learning algorithms, Riskified provides payment insights enabling businesses to decide whether to accept or reject transactions. It aims to protect the bottom line and customer experience. The company strives to stay ahead of the

dynamic fraud landscape and help merchants to protect themselves from fraud and focus on maximizing revenue.

Company Overview

Founded in: 2012

Founders: Assaf Feldman, Eido Gal

Headquarters: New York, US

Total Funding: US$ 228.7M

Investors: Winslow Capital, Qumra Capital, Founder Collective, Genesis Partners, among others.

3. ComplyAdvantage


ComplyAdvantage provides AI-driven financial crime risk data and detection technology. It offers cloud-based AML (Anti-money laundering) solutions such as transaction monitoring, payment screening and media screening. Moreover, ComplyAdvantage also informs about politically exposed persons, sanctioned entities, terrorists to help companies avoid adverse risks. 

The company claims that more than 500 enterprises in 75 countries rely on it to understand the risk of who they’re getting into business with. ComplyAdvantage identifies thousands of risky events from structured and unstructured data points every day.

Company Overview

Founded in: 2014

Founder: Charles Delingpole

Headquarters: New York, US

Total Funding: US$ 88M

Investors: Balderton Capital, Index Ventures, Ross Mason and Ontario Teachers Pension Plan

4. Quantexa


Quantexa’s technology uses real-time entity resolution and AI to provide fraud and financial crime solutions and analytics. It knits together huge data sets and drives actionable intelligence. The company is helping organizations in protecting fraud, anti-bribery, surveillance and corruption losses. Quantexa gathers data from disparate sources and consolidates them for examining payment requests, applications for insurance claims and others. It has offices in the UK, Brussels, New York, Boston and Sydney.

Company Overview

Founded in: 2016 

Founder: Imam Hoque, Vishal Marria

Headquarters: London, UK

Total Funding: US$ 90M

Investors: HSBC, Dawn Capital, Macquarie Group, Accenture and Evolution Equity Partners, among others. 

5. Chainalysis


Chainalysis develops anti-money laundering software for Bitcoin businesses and provides payment fraud prevention by monitoring digital identities and identifying malicious actors. Its products include – API Transaction based risk scoring software and REACTOR, a due diligence and investigation tool which identifies offenders, visualizes data and shares results with people and organizations. Analysts can estimate the cyber criminal’s revenues and emerging threats. 

Company Overview

Founded in: 2014

Founder: Jan Moller, Jonathan Levin, Michael Gronager

Headquarters: Manhattan, US

Total Funding: US$ 67M

Investors: Digital Currency, Accel, Benchmark, Ribbit, Techstars and Addition among others.

6. is an AI-powered fraud prevention platform for digital enterprises in the e-commerce, travel and financial services sectors. It helps digital businesses identify transactional irregularities and dig up fraudulent acts using artificial intelligence, big data and live-streaming visualizations. It offers a transparent presentation of the data, statistics and contextual variables, helping its customers reduce risk and optimize business processes. 

Company Overview

Founded in: 2013

Founder: Whitney Anderson

Headquarters: New York

Total Funding: US$ 2.3M

7. Bolt


Bolt is a checkout experience platform that provides payment fraud and chargeback management solutions to retailers. With the help of Machine Learning, it analyses chargeback data, post-purchase order management, shopping cart data, customer data and uptime and performance monitoring to provide an integrated and safe payment processing tool. After a retailer joins the Bolt Network, it can offer its shoppers a one-click checkout with no passwords, forms or payment details. Bolt gives a quick solution as compared to the complicated technological challenges involved in the checkout, online transactions and fraud detection.

Company Overview

Founded in: 2014

Founder: Eric Feldman, Ryan Breslow

Headquarters: San Francisco

Total Funding: US$ 215.1M

Investors: Tribe Capital, Human Capital, Fort Ventures, David Health and Floodgate among others.

8. BioCatch


BioCatch is a cybersecurity company that provides AI-based detection using biometric behaviour. By analyzing human-device interactions, it protects users and data. Behavioural biometrics and proactive cognitive profiling technology detect foul play and send alarms for possible security breaches. Many companies trust BioCatch to authenticate users during their online sessions, protecting against cyber threats and fraudulent activities such as account takeover, remote access and automated account manipulation.

Company Overview

Founded in: 2011 

Founders: Avi Turgeman, Benny Rosenbaum, Uri Rivner

Headquarters: Tel Aviv, Israel

Total Funding: US$ 213.7M

Investors: OurCrowd, Barclays, Bain Capital Tech Opportunities and Citigroup, among others.

9. Elliptic


Elliptic offers transaction monitoring and fraud prevention solutions for cryptocurrencies. It aims to make cryptocurrency transactions more transparent and accountable. Elliptic’s database delivers proof of identity for millions of addresses in multiple cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin etc. Its products include Elliptic Discovery-detecting exposure to crypto-assets, Elliptic Lens-checking crypto wallets, Elliptic Navigator-controlling crypto risk among others.

Company Overview

Founded in: 2013

Founder: Adam Joyce, James Smith, Tom Robinson

Headquarters: London, UK

Total Funding: US$ 40M

Investors: Octopus Ventures, SignalFire, Seedcamp, June Fund, SBI Group and Upscale, among others.

10. Forter


Forter delivers real-time and fully automated fraud prevention solutions for online merchants. Its fraud solution helps retailers grow their sales and improve customer experience. Forter has an integrated fraud prevention platform that protects online merchants from fraud attacks and abuse at the account level and transaction point. Forter claims that it has more than 500 million global customers. Its identity-based fraud prevention solution leverages machine learning technology and predictive research and insights.

Company Overview

Founded in: 2013

Founder: Alon Shemesh, Liron Damri, Michael Reitblat

Headquarters: New York, US

Total Funding: US$ 225M

Investors: Sequoia Capital Israel, March Capital, Felix Capital, Arbor Ventures and NewView Capital, among others.

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