The latest A+ round brings total funding to USD$30.3M led by AirTree (AU) and Greycroft (US), and participation from Reinventure, Tidal Ventures, and APEX Capital Partners. New strategic investors include industry leaders Binance Labs and Kraken Ventures.
FrankieOne, a global API platform for identity verification and fraud detection, announced it has raised an additional USD$15.55M (AU$23M) in a Series A+ round, bringing its total Series A funding to USD$30.3M (AUD$45M).
FrankieOne connects banking, fintech, crypto, and gaming companies to hundreds of data sources across 48 markets.
This round was again led by high-profile investors Greycroft (whose prior investments include Bumble, HuffPost, and Venmo) and Australian VC AirTree Ventures (whose portfolio includes the likes of Canva and Linktree). Reinventure (Westpac Bank’s venture arm), Tidal Ventures, and Apex Capital Partners also reinvested. This reinvestment signals a doubling down on FrankieOne and acknowledges the importance investors are placing on compliance and fraud detection solutions.
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New strategic investors include industry giants Binance Labs and Kraken Ventures reflecting the wave of crypto businesses focused on compliance and mitigating risk, particularly as markets realize the importance of protecting customers and their businesses.
The funding comes despite economic conditions, which have seen a significant dip in available VC funds, demonstrating the market demand for regulatory technology and safeguarding of personally identifiable information (PII) in a macroenvironment rife with fraud, scams, and a heightened need for risk mitigation.
FrankieOne’s growth has exploded with 4700 per cent revenue growth over the last 12 months, with customers including market leaders Shopify, Afterpay, Westpac, and Pointsbet. Driven by significant customer growth and international demand, the team has doubled in the last 12 months, and a new office was opened in San Francisco. This additional series A+ funding will allow FrankieOne to scale faster and focus specifically on mirroring its success seen in Australia across North America and Asia Pacific.
Simon, CEO of FrankieOne, said, “It’s incredibly difficult for companies to provide a world-class onboarding experience while mitigating fraud. FrankieOne is on a mission to change this. By providing a single API to access leading identity and fraud prevention providers globally”.
Commenting on the growth, FrankieOne CEO Simon Costello,
“We have been laser-focused on improving the onboarding customer experience and have been overwhelmed with the response, now helping over 170 financial institutions globally. We attribute our growth to our unique offering, which guarantees the best onboarding verification pass rates coupled with our ability to enable customers to switch on their choice of fraud detection tools seamlessly. Our platform is helping drive business growth and allows our customers to respond quickly to trends in fraudulent behavior and changing regulations, which is particularly helpful, given the increase in fraud.
“We are incredibly proud to be helping some of the largest companies in the industry and excited to be backed by the most prestigious global investors. We are grateful for the support from existing and new strategic investors; the new funds will allow us to continue to build an even more robust identity and fraud ecosystem.“
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John Henderson, Partner at AirTree Ventures, said: “We’ve known Simon and Aaron for many years now and are excited to once again co-lead an investment round and support FrankieOne as they scale and equip more companies with the tech to simplify and enhance identity verification and fraud detection.
“With recent high-profile security breaches shining a spotlight on organizations’ responsibility to protect customers, fraud detection has never been more business-critical. The global fraud detection and prevention market is expected to reach USD 129.17 billion by 2029, and we believe FrankieOne is well positioned to continue to capture the growing market – they continue to impress us with their strong growth, unit economics, and ability to attract some of Australia’s largest financial institutions as customers”.
Will Szczerbiak, Partner at Greycroft, said:
“Fraud continues to be a major issue in digital transactions. FrankieOne is providing critical infrastructure to address this via their unified API, which seamlessly integrates data from leading identity and fraud providers across the globe.
Over the past year since our initial investment, we’ve seen that FrankieOne’s product resonates with a wide array of customers, from regional banks to market leaders such as Westpac, Pointsbet, and Shopify. We’re excited to support their next phase of growth as FrankieOne continues powering identity verification and fraud detection for a growing number of businesses globally”.
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