UK-based financial crime analytics tools provider FinCrime Dynamics has secured Seed Funding to advance the prevention of financial crime prevention with AI and Synthetic Data
The seed round was led by Oxford Capital, alongside Twin Path Ventures and Syndicate Room, backing founders Stephen Quick and Daniel Turner-Szymkiewicz.
Oxford Capital is a specialist investment manager focused on high-potential investments in early and growth-stage technology companies in the UK.
Oxford Capital senior investment manager Richard Oakley said: “Financial crime is evolving every day, especially with the increasing adoption of generative AI by criminals, and it is technology solutions such as FinCrime Dynamics that are the key to staying ahead of it.”
FinCrime Dynamics CEO and co-founder Stephen Quick said: “FinCrime Dynamics is delighted to now announce our latest fundraise.
“Finding the right investor fit is an incredibly important long-term partnership for any venture. FinCrime Dynamics has always been extremely fortunate to attract a high calibre of investors.
“We are pleased to have received further support from the team at Twin Path Ventures and from longstanding angel supporters such as Robert Sansom as part of this new round of funding.”
FinCrime Dynamics enables financial institutions to build better defences against financial crime using criminal behavioural intelligence and data resources.
It has developed the Synthetizor platform, which allows users to generate financial crime simulations and custom synthetic data to train machine learning with confidence.
The platform enables financial institutions to test their existing detection measures and synthesise the data needed to improve them.
According to FinCrime, more than three million cases of fraud are reported in the UK every year, which accounts for nearly 40% of all reported crimes.
To address financial crime, financial institutions are turning to AI, which requires large volumes of data, and access to the data is a challenge.
Stringent privacy regulations, such as Europe’s GDPR, have made it increasingly difficult to obtain the actionable data needed to train these AI fraud detection tools.
Shortage of reliable information is a growing concern for the financial sector, as it limits efforts to stay ahead of sophisticated fraud schemes, said FinCrime.
Stephen added: “We are also thrilled and thankful to our new investors who have joined our journey this round, such as Oxford Capital, Syndicate Room and Ascension.
“We are particularly excited to be working with our new lead investor Oxford Capital and to welcome Richard Oakley to our Board.”
