FinTech: Second Funding Round for Trustpair

FACTS

• The Paris-based start-up Triustpair, focusing on wire fraud prevention, announces a €4 million funding Series.

• This round table was led by the French capital equity firm Breega and their existing investor Axeleo Capital. It also involved Kima Ventures and eFounder.
• Goal: expand their set of offers and international reach.
• Trustpair was founded in 2017 and crafted a SaaS solution for automating fraud attempts and potential errors in credit transfer transactions.
• How it works?
  • Their AI-powered solution scans public financial information and data from client companies.
  • Trustpair runs an automated audit process to spot any anomalies in suppliers’ bases.
  • Their algorithms constantly check details and credit transfers’ validity.
  • If a suspicious activity is identified, an alert is sent over to the client before the transfer order is issued.
• With this investment, Trustpair plans to:
  • Increase their workforce twofold;
  • Strengthen their R&D, marketing, commercial and account management units;
  • Design new features;
  • Aim for international reach.

In 2018, 1 every 4 organisations had to endure fraud cases. These cases resulted in losses of over €50,000 for some companies.

Baptiste Collot, Trustpair CEO

CHALLENGES

• Becoming a reference. Based on their AI technology, Trustpair requires less than a minute instead of 25 minutes to run checks. They intend for their solution to become a reference for financial departments as they still have to fight IBAN fraud.
• Geographical expansion. This investment will also help them speed up the pace of their development on an international level. They first plan to aim for the US and UK.
• Boosting their workforces. They intend to increase their workforce twofold over the next 12 months, and eventually hire 40 people.

MARKET PERSPECTIVE

• Slightly over a year ago, this FinTech completed a €1.1 million funding Series for structuring their teams and supporting their R&D.
• The French-American FinTech Kyriba recently raised $160 million and features a similar solution, called KVerif, addressing the issue of fake suppliers, as well.