Identity and fraud detection engine FrankieOne raised another $23 million 13 months later to complement the Series A.
The self-described Series A+ round was led by existing lenders AirTree and US-based VC firm Greycroft, while Westpac’s VC fund Reinventure, Tidal Ventures and Apex Capital Partners also doubled the company. New strategic investors include Binance Labs and Kraken Ventures, the venture arms of the cryptocurrency exchanges.
FrankieOne previously raised $20 million in a Series A in October 2021, led by AirTree and Greycroft, and nearly $3 million in a Seed round in January 2020, having been founded in 2017 by Simon Costello and Aaron Chipper with plans to becoming a neobank before pivoting to anti-money launch (AML) and know your customer (KYC) two years later.
The company changed from Frankie Financial to FrankieOne at the end of 2020.
The new cash will allow the company to scale faster and focus on reflecting its local success in Asia Pacific and North America.
Costello said the company has seen its revenue grow 4x in the past 12 months, while also doubling the team during that time in addition to opening a new office in San Francisco.
“We laser-focused on improving the onboarding customer experience and have been overwhelmed with the response, now serving more than 170 financial institutions worldwide,” he said.
“We attribute our growth to our unique offering that ensures the best onboarding verification success rates, coupled with our ability to enable customers to seamlessly transition to their choice of fraud detection tools. Our platform helps drive business growth and enables our clients to respond quickly to trends in fraudulent behavior and regulatory changes, which is especially helpful given the rise in fraud.”
Greycroft partner Will Szczerbiak said fraud remains a major problem in digital transactions.
“FrankieOne provides critical infrastructure to address this through their unified API, which seamlessly integrates data from leading identity and fraud providers around the world,”
“In the past year since our initial investment, we’ve seen FrankieOne’s product resonate with a wide range of customers, from regional banks to industry leaders such as Westpac, Pointsbet and Shopify. We are excited to support their next phase of growth.”