Fraud Detection Startup FrankieOne Receives Fresh Funding From Series A+ Round

FrankieOne is an Australian compliance technology startup. It provides a global platform connecting customers to multiple identity verification and fraud detection vendors via one API.

Recently, it has secured fresh funding of US$ 15.5 million for its Series A+ round which was led by AirTree and Greycroft that also saw the participation of Reinventure, Tidal Ventures, Apex Capital, and also two of the world’s largest crypto exchanges Binance Labs, and Kraken Ventures.

The recent fresh funding would allow FrankieOne to expand its business across Asia Pacific and North America, bringing the Australian company’s total Series A funding to US$30 million.

FrankieOne was founded in 2019 by serial fintech entrepreneurs Simon Costello and Aaron Chipper. The startup has worked with financial and e-commerce service providers such as Shopify, Afterpay, and Westpac to help with regulatory compliance, such as user verification and fraud detection.

The company now provides access to a global landscape of identity verification and fraud detection provider connecting banks, Fintechs, crypto exchanges, and gaming companies to prominent vendors and data sources across 48 markets. The company has a growing presence in countries such as Australia, Singapore, and the US.

“What sets FrankieOne apart is it allows its customers to switch on vendors, create dynamic workflows, add in further fraud signals and add new markets, ensuring our customers can respond quickly to changing regulations and updated business requirements, without taking on any additional work burden,” Costello said.

John Henderson, Partner at Airtree Ventures said this about their partnership with FrankieOne: “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.”

The company claims its revenue grew 4,700 per over the last 12 months, with customers including market leaders Westpac, Shopify, Afterpay, and Pointsbet.

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