Technology has proven to be a boon when it comes to conducting financial transactions and availing financial services digitally. However, looking at the increasing number of cases of fraud, fintech companies, and financial institutions are turning to different technological innovations to pre-empt them.
AimBrain, a London-based startup that helps firms to combat fraud using biometric identity, has raked in £4 million in Series A round of funding. The round was led by BGF Ventures, with participation from Episode 1, Entrepreneur First (EF), and a cohort of angel investors including Simon Rozas, Chris Mairs, and Charles Songhurst.
Founded in 2015 by Sutas and Alesis Novik, AimBrain’s platform leverages facial and voice recognition technology, and combines them with behavioral biometrics. This enables the company or an institution to track how a person uses a device, such as their typing speed, touch pressure and how much their hand shakes as they hold it.
Andrius Sutas, co-founder of AimBrain, in a statement, said, they have built the biometric identity as a service as the financial institutions have been facing the problem of fraud prevention. Also, the customers are not getting the best experience. He says,
That’s why we built a platform that uses behavioural, facial and voice data to identify customers accurately, quickly and securely.
With the fresh inflow of funds, AimBrain will continue to further develop its technology, and focus on expanding in the regions its offices are located in –Johannesburg, Lagos, Dubai and Abu Dhabi. Andrius added,
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.
The one thing, that makes it stand amongst other startups providing similar service, is that its technology can be plugged-in to any existing platform. Adds Henry Gladwyn, of BGF Ventures, in a statement,
We are very excited to be working with AimBrain. Their technology is exceptional and is poised to revolutionize the authentication process for financial services companies. This is an area of great opportunity and we look forward to watching AimBrain grow and succeed.