Real-time fraud and risk management platform startup Effectiv raises $4.5M

Real-time fraud and risk management platform startup Effectiv raises $4.5M

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Real-time fraud and risk management platform startup Effectiv today announced that it has raised $4.5 million in additional seed funding to help organizations fight financial fraud.

Two-year-old Effectiv, the trade name of Abra Innovations Inc., offers a fraud and risk management platform with artificial intelligence solutions for financial institutions and fintech companies. The platform uses AI-driven solutions to provide services such as payment fraud detection, customer and business onboarding verification and compliance management.

Effectiv seeks to address a rise in fraud in real-time payments that has continued to grow since the COVID-19 pandemic through a combination of fraud and compliance risk management in one holistic solution. The platform is modular and offers a centralized risk hub that the company says allows companies to become compliant and fraud-free from day one, with AI and machine learning models that adapt to changing organizational needs.

The platform allows users to investigate suspicious activities, gain insights into fraud ring behaviors and proactively identify emerging threats. Users can compare data across channels to get a better understanding of the impact of their strategies, according to Effectiv.

Key features include Know Your Customer, Know Your Business and transaction monitoring. Effectiv says its AI-powered no-code platform allows risk teams to be in control of all fraud and compliance strategies through no-code automated workflows. It also provides access to best-in-breed data providers for free.

Effectiv says it has helped organizations process more than $27 billion in financial products and is currently processing more than $100 million daily. Notable customers include Cardlessa Inc., MANTL Software Inc., Pidgin Labs Inc., Nalu Pay LLC, Big Cart Technologies Pvt. Ltd. and USALLIANCE Financial Federal Credit Union.

“We… recognize that the financial world is rapidly digitizing, changing how consumers and organizations interact,” co-founder and Chief Executive Ravi Sandepudi said in a statement. “At the same time, advanced generative AI technologies are attacking organizations at a scale we have never seen.”

For example, he added, “fraudsters are using a technology called deepfakes to clone an individual’s voice, alter someone’s image or video to access financial accounts, create banking accounts, process wire transfers and more. It’s a critical problem and one that our team is committed to fighting.”

The new funding came from Better Tomorrow Ventures LLC, with Accel Partners LP and angel investors also participating. Including the new funding, Effectiv has raised $9 million to date.

Image: Effectiv

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