Anti-fraud firm Bleckwen kicks it off with $10m funding
Bleckwen, a cybersecurity firm developing fraud detection and prevention systems for banks and financial technology companies, has officially launched, with a $10 million funding round led by Ring Capital.
CEO, David Christie, says the round will support the Paris-based start-up’s international expansion and continued software development.
The round also saw participation from TempoCap, Bpifrance, and Ineo.
“Nearly $4 trillion is stolen and laundered through banks annually, and existing technologies are just not cutting it in the fight against this scourge of society. Something else needs to be done, and at Bleckwen we have made tremendous progress developing solutions to bring the fight to these criminals,” says Christie, a financial services veteran who previously served as COO of US payments provider, Euronet’s money transfer business.
Bleckwen was founded within Ercom in 2016 and spun out in 2019 with 35 employees.
The firm offers a behavioural analytics platform that leverages AI, machine learning, and heuristics to spot anomalies like authorised push payments, a form of real-time fraud involving social engineering.
Bleckwen’s encrypted solution runs on public cloud platforms like Amazon Web Services, Microsoft’s Azure, and Google Cloud Platform, or on-premises containerised Docker and OpenStack environments.